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 $23,500 cash. After those seven transactions, the ledger included the following accounts with normal balances.
Cash $ 45,910
Office supplies 1,000
Prepaid insurance 4,500
Office equipment 11,200
Accounts payable 11,200
Common stock 23,500
Dividends 3,430
Engineering fees earned 41,000
Rent expense 9,660
Prepare a report of cash received and cash paid showing an ending Cash balance of $45,910.