Analyze the accounts and their balances

Assignment Help Accounting Basics

Reference no: EM131528142

Question: Carlos Beltran started an engineering firm called Beltran Engineering. He began operations and completed seven transactions in May, which included his initial investment of $17,000 cash. After those seven transactions, the ledger included the following accounts with normal balances.

Cash . . . . . . . . . . . . . . . . . . . . . . . $26,660

Office supplies . . . . . . . . . . . . . . . . 660

Prepaid insurance . . . . . . . . . . . . . 3,200

Office equipment . . . . . . . . . . . . . 16,500

Accounts payable . . . . . . . . . . . . . 16,500

C. Beltran, Capital . . . . . . . . . . . . . 17,000

C. Beltran, Withdrawals . . . . . . . . 3,740

Engineering fees earned . . . . . . . . 24,000

Rent expense . . . . . . . . . . . . . . . . 6,740

Required: 1. Prepare a trial balance for this business as of the end of May.
Analysis Components

2. Analyze the accounts and their balances and prepare a list that describes each of the seven most likely transactions and their amounts.

3. Prepare a report of cash received and cash paid showing how the seven transactions in part 2 yield the $26,660 ending Cash balance.

Reference no: EM131528142

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