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 $40,922
Office supplies 1,060
Prepaid insurance 5,000
Office equipment 13,600
Accounts payable 13,600
Y. Min, Capital 21,000
Y. Min, Withdrawals 4,128
Engineering fees earned 38,000
Rent expense 7,890
Required:
1. Prepare a trial balance for this business as of the end of May.
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.