Leora Holden began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Holden (the owner) completed these transactions:

a. Owner invested $60,000 cash along with equipment that had a $15,000 market value in exchange for common stock.

b. Paid $1,500 cash for rent of office space for the month.

c. Purchased $10,000 of additional equipment on credit (payment due within 30 days).

d. Completed work for a client and immediately collected the $2,500 cash earned.

e. Completed work for a client and sent a bill for $8,000 to be received within 30 days.

f. Purchased additional equipment for $6,000 cash.

g. Paid an assistant $3,000 cash as wages for the month.

h. Collected $5,000 cash on the amount owed by the client described in transaction e.

i. Paid $10,000 cash to settle the liability created in transaction c.

j. Paid $1,000 cash dividends to the owner.

Required Create a table like the one in Exhibit 1.9, using the following headings for columns: Cash; Accounts Receivable; Equipment; Accounts Payable; Common Stock; Dividends; Revenues; and Expenses. Then use additions and subtractions to show the effects of the transactions on individual items of the accounting equation. Show new balances after each transaction.