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The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business in exchange for common stock. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $890 cash. e. Purchased $12,900 of office equipment on credit (with accounts payable). f. Received $36,000 cash for services provided in May. g. The company paid a $3,370 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.

The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business in exchange for common stock. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $890 cash. e. Purchased $12,900 of office equipment on credit (with accounts payable). f. Received $36,000 cash for services provided in May. g. The company paid a $3,370 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information (The following information applies to the questions displayed below.] 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. $ 37,600 Cash Office supplies Prepaid insurance Office equipment Accounts payable Common stock Dividends Services revenue Rent expense 890 4,600 12,900 12,900 18,000 3,370 36,000 7,540 ces The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business in exchange for common stock. b. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $890 cash. e. Purchased $12,900 of office equipment on credit (with accounts payable). f. Received $36,000 cash for services provided in May. g. The company paid a $3,370 cash dividend. cash r monthly rent expense for May. 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. Cash Beginning Balance Ac raw < Prev of 7 E Next > MacBook Air DII DD Ea F7 F10 FV F4 F1 F2 @ $ % & 2 3 4 5 6 7 8. 9 Q W R T Y P S G H J K く Z C V M つ B
Transcribed Image Text:Required information (The following information applies to the questions displayed below.] 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. $ 37,600 Cash Office supplies Prepaid insurance Office equipment Accounts payable Common stock Dividends Services revenue Rent expense 890 4,600 12,900 12,900 18,000 3,370 36,000 7,540 ces The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business in exchange for common stock. b. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $890 cash. e. Purchased $12,900 of office equipment on credit (with accounts payable). f. Received $36,000 cash for services provided in May. g. The company paid a $3,370 cash dividend. cash r monthly rent expense for May. 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. Cash Beginning Balance Ac raw < Prev of 7 E Next > MacBook Air DII DD Ea F7 F10 FV F4 F1 F2 @ $ % & 2 3 4 5 6 7 8. 9 Q W R T Y P S G H J K く Z C V M つ B
The Journal Entries ORK CHAPTER 2 Saved The following seven transactions produced the account balances shown above. 2 a. Y. Min invested $18,000 cash in the business in exchange for common stock. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $890 cash. e. Purchased $12,900 of office equipment on credit (with accounts payable). f. Received $36,000 cash for services provided in May. g. The company paid a $3,370 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. pok Cash rint Beginning Balance erences Ending Balance Mc Graw Hill < Prev of 7 E 6 Next > MacBook Air 888 F1 F2 DD F3 F7 F8 F10 @ #3 $ & 3 4 7 8 W E T Y S F H J K の
Transcribed Image Text:The Journal Entries ORK CHAPTER 2 Saved The following seven transactions produced the account balances shown above. 2 a. Y. Min invested $18,000 cash in the business in exchange for common stock. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $890 cash. e. Purchased $12,900 of office equipment on credit (with accounts payable). f. Received $36,000 cash for services provided in May. g. The company paid a $3,370 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. pok Cash rint Beginning Balance erences Ending Balance Mc Graw Hill < Prev of 7 E 6 Next > MacBook Air 888 F1 F2 DD F3 F7 F8 F10 @ #3 $ & 3 4 7 8 W E T Y S F H J K の
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