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Required Information [The following information applies to the questions displayed below.] Y1 Min started an engineering firm called Min Engineering. He began operations and completed
Required Information [The following information applies to the questions displayed below.] Y1 Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May. which included his initial Investment of $21,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash Office supplies Prepaid insurance Office equipment Accounts payable Common Stock Dividends Engineering fees earned Rent expense $ 38,851 1, eze 5,1ee 12,1ee 12,100 21, eee 3,539 37,eee 9,490 The following seven transactions produced the account balances shown above. a. Y. Min invested $21,000 cash in the business in exchange for common stock. b. Pald $9.490 cash for monthly rent expense for May c. Pald $5,100 cash in advance for the annual insurance premium beginning the next perlod. d. Purchased office supplies for $1,020 cash. e. Purchased $12.100 of office equipment on credit (with accounts payable). f. Received $37,000 cash for engineering services provided in May. g. The company paid a $3,539 cash dividend. 2. Prepare a Cash T-account for the above transaction, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g. Cash Beg. Bal. 0 End. Bal
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