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.

Short answer

Total of trial balance matches at $66,900.

Step-by-step solution

Account number and balance type

In the given case, there are 9 accounts listed, out of those 6 accounts have debit balances and the rest 3 of them have a credit balance. These accounts have been listed in the trial balance in step 2.

Trial Balance                                                                                                                     

Min Engineering
Trial Balance
April 30
	Debit	Credit
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 Expenses	7,540
Total	$ 66,900	$ 66,900