Question

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 $ 37,600 Office supplies 890 Prepaid insurance 4,600 Office equipment 12,900 Accounts payable 12,900 Common stock 18,000 Dividends 3,370 Engineering fees earned 36,000 Rent expense 7,540 Required: 1. Prepare a trial balance for this business as of the end of May.

Answer 1

Answer:

                                            Trial balance for Yi Min

                                                on the May 31, YY

                                                                             Dr.                  Cr.

                                                                              $                     $

Cash                                                                  37,600

Office supplies                                                      890

Prepaid insurance                                             4,600

Office equipment                                             12,900

Dividends                                                            3,370

Rent expense                                                      7,540

Accounts payable                                                                    12,900

Common stock                                                                         18,000

Engineering fees earned                                                     36,000

                                                                           66,900         66,900