Services revenue Rent expense The following seven transactions produced the account balances shown above.. a. Y. Min invested $20,000 cash in the business in exchange for common stock. b. Paid $8.160 cash for monthly rent expense for May c. Paid $4,400 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $910 cash. e. Purchased $12.700 of office equipment on credit (with accounts payable). t. Received $43,000 cash for services provided in May. 9. The company paid a $4,362 cash dividend. 2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g Beginning Balance 43,000 8,160 Ending Balance Cash 0
Services revenue Rent expense The following seven transactions produced the account balances shown above.. a. Y. Min invested $20,000 cash in the business in exchange for common stock. b. Paid $8.160 cash for monthly rent expense for May c. Paid $4,400 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $910 cash. e. Purchased $12.700 of office equipment on credit (with accounts payable). t. Received $43,000 cash for services provided in May. 9. The company paid a $4,362 cash dividend. 2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g Beginning Balance 43,000 8,160 Ending Balance Cash 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Dividends
Services revenue
Rent expense
The following seven transactions produced the account balances shown above..
a. Y. Min invested $20,000 cash in the business in exchange for common stock.
b. Paid $8,160 cash for monthly rent expense for May.
c. Paid $4,400 cash in advance for the annual insurance premium beginning the next period.
d. Purchased office supplies for $910 cash.
e. Purchased $12,700 of office equipment on credit (with accounts payable).
f. Received $43,000 cash for services provided in May.
9. The company paid a $4,362 cash dividend.
2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the
transaction codes a through g
Beginning Balance
4,362
43,000
8,160
Ending Balance
Cash
0
![Required information
[The following information applies to the questions displayed below]
Yi Ministarted an engineering firm called Min Engineering. He began operations and completed seven transactions in May.
which included his initial investment of $20,000 cash. After those seven transactions, the ledger included the following
accounts with normal balances.
Cash
office supplies
Prepaid insurance
office equipment
Accounts payable
Common stock
Dividends
Services revenue
Rent expense
$ 45,168
910
4,400
12,700
12,700
20,000
4,362
43,000
8,160
The following seven transactions produced the account balances shown abdre.
a. Y. Min invested $20,000 cash in the business in exchange for common stock
b. Paid $8160 cash for monthly rent expense for May
c. Paid $4,400 cash in advance for the annual insurance premium beginning the next period.
d. Purchased office supplies for $910 cash.
e. Purchased $12.700 of office equipment on credit (with accounts payable)
t Received $43,000 cash for services provided in May.
9. The company paid a $4.362 cash dividend](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F53f0d767-1729-4fa4-8707-675d9763ffa6%2Fad33c84d-5719-4ef2-9250-9fd3120e0e1e%2F43wxfrl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
Yi Ministarted an engineering firm called Min Engineering. He began operations and completed seven transactions in May.
which included his initial investment of $20,000 cash. After those seven transactions, the ledger included the following
accounts with normal balances.
Cash
office supplies
Prepaid insurance
office equipment
Accounts payable
Common stock
Dividends
Services revenue
Rent expense
$ 45,168
910
4,400
12,700
12,700
20,000
4,362
43,000
8,160
The following seven transactions produced the account balances shown abdre.
a. Y. Min invested $20,000 cash in the business in exchange for common stock
b. Paid $8160 cash for monthly rent expense for May
c. Paid $4,400 cash in advance for the annual insurance premium beginning the next period.
d. Purchased office supplies for $910 cash.
e. Purchased $12.700 of office equipment on credit (with accounts payable)
t Received $43,000 cash for services provided in May.
9. The company paid a $4.362 cash dividend
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