Ask Question
22 April, 07:54

Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $19,500 cash. After those seven transactions, the ledger included the following accounts with normal balances.

Cash $ 37,641

Office Supplies 890

Prepaid Insurance 4,600

Office Equipment 12,900

Accounts Payable 12,900

Y. Min, Capital 18,000

Y. Min, Withdrawals 3,329

Engineering Fees Earned 36,000

Rent Expense 7,540

Prepare a trial balance for this business as of the end of May.

+1
Answers (1)
  1. 22 April, 10:08
    0
    Amount Debit ($) Credit ($)

    Assets

    Cash 37,641

    Office Supplies 890

    Prepaid Insurance 4,600

    Office Equipment 12,900

    Liabilities

    Accounts Payable 12,900

    Equity

    Y. Min, Capital 18,000

    Y. Min, Withdrawals 3,329

    Revenue

    Engineering Fees Earned 36,000

    Expenses

    Rent Expense 7,540

    Total 66,900 66,900

    Explanation:

    Trial Balance sheet includes all the accounts available in ledger.

    Assets, Liabilities, Equity Revenue and expenses are added, however they are not given in our case

    Amount Debit ($) Credit ($)

    Assets

    Cash 37,641

    Office Supplies 890

    Prepaid Insurance 4,600

    Office Equipment 12,900

    Liabilities

    Accounts Payable 12,900

    Equity

    Y. Min, Capital 18,000

    Y. Min, Withdrawals 3,329

    Revenue

    Engineering Fees Earned 36,000

    Expenses

    Rent Expense 7,540

    Total 66,900 66,900
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers