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Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $ 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
Services revenue
Rent expense
Problem A Algo Part
The following seven transactions produced the account balances shown above.
Y Min invested $ cash in the business in exchange for common stock.
Paid $ cash for monthly rent expense for May.
Paid $ cash in advance for the annual insurance premium beginning the next period.
Purchased office supplies for $ cash.
Purchased $ of office equipment on credit with accounts payable
Received $ cash for services provided in May.
The company paid a $ cash dividend.
Prepare a Cash Taccount for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g
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