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[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
[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 $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, Withdrawals Engineering fees earned Rent expense $ 43,529 1,180 5,300 13,100 13,100 21,500 3,891 40,000 7,600 The following seven transactions produced the account balances shown above. a. Y. Min invested $21,500 cash in the business. b. Paid $7,600 cash for monthly rent expense for May. c. Paid $5,300 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $1,180 cash. e. Purchased $13,100 of office equipment on credit (with accounts payable). f. Received $40,000 cash for engineering services provided in May. g. Y. Min withdrew $3,891 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. 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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