Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is the mistakes 2 rt 2 of 2 nts Required information [The following information applies to the questions displayed below.] Yi Min started an

image text in transcribedwhat is the mistakes

2 rt 2 of 2 nts 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 $19,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash $ 43,101 1,050 Office supplies Prepaid insurance 4,800 Office equipment 12,800 12,800 Accounts payable Common stock Dividends 19,000 3,769 Services revenue 41,000 Rent expense 7,280 The following seven transactions produced the account balances shown above. a. Y. Min invested $19,000 cash in the business in exchange for common stock. b. Paid $7,280 cash for monthly rent expense for May. c. Paid $4,800 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $1,050 cash. e. Purchased $12,800 of office equipment on credit (with accounts payable). f. Received $41,000 cash for services provided in May. g. The company paid a $3,769 cash dividend. 2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g. X Answer is complete but not entirely correct. Cash 0 Beginning Balance a. 19,000 41,000 7,280 b. 4,800 C. f. 1,050 d. 3,769 9. Ending Balance 76,899 X 76,899 X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Residential Energy Audit Manual

Authors: Fairmont

1st Edition

0915586541, 978-0915586547

More Books

Students also viewed these Accounting questions

Question

Use emotional appeals with a receptive audience.

Answered: 1 week ago

Question

What do you understand by MBO?

Answered: 1 week ago

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago