The following seven transactions produced the account balances shown above. a. Y. Min invested $21,500 cash in the business in exchange for common stock. D. Paid $8,620 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 $980 cash. e. Purchased $13,600 of office equipment on credit (with accounts payable). f. Received $42,000 cash for services provided in May. g. The company paid a $3,748 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 a. f. Ending Balance Cash 21,500 42,000 63,500 8,620 b. 4,400 C. 980 d. 3,748 g.

The following seven transactions produced the account balances shown above. a. Y. Min invested $21,500 cash in the business in exchange for common stock. D. Paid $8,620 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 $980 cash. e. Purchased $13,600 of office equipment on credit (with accounts payable). f. Received $42,000 cash for services provided in May. g. The company paid a $3,748 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 a. f. Ending Balance Cash 21,500 42,000 63,500 8,620 b. 4,400 C. 980 d. 3,748 g.

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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