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

(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…