(Solution) - Yi Min started an engineering firm called Min Engineering He -(2025 Original AI-Free Solution)

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Type of Paper:

Academic Level: Undergrad. (yrs 3-4)

Paper Format: APA

Pages: 5 Words: 1375

Paper Details

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.