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Business, 25.01.2021 21:10, hdhshshs741
Yi Min started an engineering firm called Min Engineering. He began
operations and completed seven transactions in May, which included his initial investment of $19,500 cash. After those seven transactions, the ledger included the following accounts with normal balances.
Cash$46,789
Office supplies 940
Prepaid insurance 4,100
Office equipment 13,500
Accounts payable 13,500
Common stock 19,500
Dividends 3,191
Engineering fees earned 43,000
Rent expense 7,480
The following seven transactions produced the account balances shown above.
A. Y. Min invested $19,500 cash in the business in exchange for common stock.
B. Paid $7,480 cash for monthly rent expense for May.
C. Paid $4,100 cash in advance the annual for insurance premium beginning the next period.
D. Purchased office supplies for $940 cash.
E. Purchased $13,500 of office equipment on credit (with accounts payable).
F. Received $43,000 cash for engineering services provided in May.
G. The company paid $3,191 cash in dividends.
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Yi Min started an engineering firm called Min Engineering. He began
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