Question
Required information [The following information applies to the questions displayed below.] Yi Min started an engineering firm called Min Engineering. He began operations and completed
Required information
[The following information applies to the questions displayed below.] Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $24,500 cash. After those seven transactions, the ledger included the following accounts with normal balances.
Cash | $ | 42,971 |
Office supplies | 960 | |
Prepaid insurance | 4,900 | |
Office equipment | 12,300 | |
Accounts payable | 12,300 | |
Y. Min, Capital | 24,500 | |
Y. Min, Withdrawals | 3,939 | |
Engineering fees earned | 37,000 | |
Rent expense | 8,730 | |
The following seven transactions produced the account balances shown above.
- Y. Min invested $24,500 cash in the business.
- Paid $8,730 cash for monthly rent expense for May.
- Paid $4,900 cash in advance for the annual insurance premium beginning the next period.
- Purchased office supplies for $960 cash.
- Purchased $12,300 of office equipment on credit (with accounts payable).
- Received $37,000 cash for engineering services provided in May.
- Y. Min withdrew $3,939 cash for personal use.
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.
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