Question
Min invested $18,000 cash in the business.
Paid $7,540 cash for monthly rent expense for May.
Paid $4,600 cash for this year’s insurance premium beginning immediately.
Purchased office supplies for $890 cash.
Purchased $12,900 of office equipment on credit (with accounts payable).
Received $36,000 cash for engineering services provided in May.
Min withdrew $3,370 cash for personal use.
2. Prepare a 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).
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