30 Dec Yi Min started an engineering firm called Min Engi
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . . . . $44,132 Office supplies . . . . . . . . . . . . . . 1,090 Prepaid insurance . . . . . . . . . . . . 4,700 Office equipment . . . . . . . . . . . . 11,200 Accounts payable . . . . . . . . . . . . 11,200 Common stock . . . . . . . . . . . . . 18,000 Dividends . . . . . . . . . . . . . . . . . . 4,328 Engineering fees earned . . . . . . . 44,000 Rent expense . . . . . . . . . . . . . . . 7,750 Required 1. Prepare a trial balance for this business as of the end of May. Analysis Components 2. Analyze the accounts and their balances and prepare a list that describes each of the seven most likely transactions and their amounts. 3. Prepare a report of cash received and cash paid showing how the seven transactions in part 2 yield the $44,132 ending Cash balance.
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