Reference no: EM132531151

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 $46,789

Office supplies 940

Prepaid insurance 4,100

Office equipment 13,500

Accounts payable 13,500

Common stock 19,500

Dividends 3,191

Engineering fees earned 43,000

Rent expense 7,480

The following seven transactions produced the account balances shown above.

A. Y. Min invested $19,500 cash in the business in exchange for common stock.

B. Paid $7,480 cash for monthly rent expense for May.

C. Paid $4,100 cash in advance the annual for insurance premium beginning the next period.

D. Purchased office supplies for $940 cash.

E. Purchased $13,500 of office equipment on credit (with accounts payable).

F. Received $43,000 cash for engineering services provided in May.

G. The company paid $3,191 cash in dividends.

Question 1: Cash T-account for the above transaction, and compute the ending Cash balance (code each entry with one of the transaction codes a through g).