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 . . . . . . . . . . . . . . . . . . . . . . . \$37,641Office supplies . . . . . . . . . . . . . . . . 890Prepaid insurance . . . . . . . . . . . . . 4,600Office equipment . . . . . . . . . . . . . 12,900Accounts payable . . . . . . . . . . . . . 12,900Y. Min, Capital . . . . . . . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . 3,329Engineering fees earned . . . . . . . . 36,000Rent expense . . . . . . . . . . . . . . . . 7,540Required1. Prepare a trial balance for this business as of the end of May. Analysis Components2. 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 \$37,641 ending Cash balance.View Solution:
Yi Min started an engineering firm called Min Engineering He