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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 $20,500
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial Investment of $20,500 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 Services revenue Rent expense $ 41,221 940 4,380 14,380 14,380 28,500 3,849 37,eee 7,190 Problem 2-6A (Algo) Part 2 The following seven transactions produced the account balances shown above. a. Y. Min Invested $20,500 cash in the business. b. Pald $7,190 cash for monthly rent expense for May. c. Pald $4,300 cash in advance for the annual Insurance premium beginning the next perlod. d. Purchased office supplies for $940 cash. e. Purchased $14,300 of office equipment on credit (with accounts payable). f. Received $37,000 cash for services provided in May. g. Y. Min withdrew $3,849 cash from the company for personal use. 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. Cash Beginning Balance 0 Ending Balance
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