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(solution) Yi Min started an engineering firm called Min Engineering. He


 

Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $23,500 cash. After those seven transactions, the ledger included the following accounts with normal balances.

 

  
  Cash $ 45,910  
  Office supplies   1,000  
  Prepaid insurance   4,500  
  Office equipment   11,200  
  Accounts payable   11,200  
  Common stock   23,500  
  Dividends   3,430  
  Engineering fees earned   41,000  
  Rent expense   9,660  


1.

Prepare a report of cash received and cash paid showing an ending Cash balance of $45,910. (Hint: Analyze the accounts and their balances and prepare a list that describes each of the seven most likely transactions and their amounts.)

 


   Hello, I am having a hard time understanding this question. Will you please help me? Thank you. 

Report of cash received and paid

 

Ccash Received

 

Owner's Investments

 

Engineering Fees

 

Total Cash Received

 

Cash Paid

 

Office Supplies

 

Insurance premium

 

Dividends

 

Rent

 

Total Cash Paid

 

Ending balance...

 


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