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Required Information The following Information applles to the questions displayed below] YI Min started an engineering firm called Min Engineerng. He began operations and completed
Required Information The following Information applles to the questions displayed below] YI Min started an engineering firm called Min Engineerng. He began operations and completed seven transactions In May, which Included his Initial Investment of $21,500 cash. After those seven transactions, the ledger Included the following accounts with normal balances. Cash Office supplies Prepaid insurance Office equipment Accounts payable Y. Min, Capital Y. Min, Withdravals Engineering fees earned 42, 000 Rent expense 543,174 960 5, 500 10,500 10, 500 21,500 4,4E 9, 400 The following seven transactions produced the account balances shown above a. Min Invested $21,500 cash in the business. b. Pald $9,400 cash for monthly rent expense for May c. Pald $5,500 cash for this year's Insurance premlum beginning Immedlately d. Purchased office supplies for $960 cash. e. Purchased $10,500 of office equlpment on credit (with accounts payable). f. Recelved $42,000 cash for englneering services provided In May g. Min withdrew $4,466 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). Cash Beg. Bal. End. Bal
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