Question

Required information [The following information applies to the questions displayed below.] Part 2 of 2 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. 2.5 points eBook Cash Office supplies Prepaid insurance Office equipment Accounts payable Common Stock Dividends Engineering fees earned Rent expense $ 41,131 890 4,500 13,100 13,100 19,000 3,499 41,000 9,980 Print 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 $9,980 cash for monthly rent expense for May. c. Paid $4,500 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $890 cash. e. Purchased $13,100 of office equipment on credit (with accounts payable). f. Received $41,000 cash for engineering services provided in May. g. The company paid a $3,499 cash dividend. 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.

Answer 1

Below is the Cash T-account: -

ا Cash 25,000 6 44.000 c. و ن 9,960 4,700 870 4,428 ها End. Bal. 49.042

Ending Cash balance = $49,042

Note: - for e no entry in cash account for asset purchased on account