[The following information applies to the questions displayed below.] Yi Min sta

Question

[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 $18,000 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 Engineering fees earned Rent expense $37,600 890 4,600 12,900 12,900 18,000 3,370 36,000 7,540 The following seven transactions produced the account balances shown above a. Y. Min invested $18,000 cash in the business in exchange for common stock. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance the annual for insurance premium beginning the next period d. Purchased office supplies for $890 cash e. Purchased $12,900 of office equipment on credit (with accounts payable) f. Received $36,000 cash for engineering services provided in May g. The company paid $3,370 cash in dividends 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 End. Bal

Explanation / Answer

T Account :

Cash Beg. Bal 0 Rent expense 7540 Common Stock 18000 Prepaid insurance 4600 Engineering Service revenue 36000 Office supplies 890 Dividend 3370 End Bal 37600

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