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

a. Owner invested \($50,000\) cash along with equipment that had a \($10,000\) market value.

b. Paid \($1,600\) cash for rent of office space for the month.

c. Purchased \($12,000\) of additional equipment on credit (due within 30 days).

d. Completed work for a client and immediately collected the \($2,000\) cash earned.

e. Completed work for a client and sent a bill for \($7,000\) to be paid within 30 days..

f. Purchased additional equipment, for \($8,000\) cash. g. Paid an assistant \($2,400\) cash as wages for the month. h. Collected \($5,000\) cash on the amount owed by the client described in transaction

e. 1. Paid \($12,000\) cash to settle the liability created in transaction

c. j. Owner withdrew \($500\) cash for personal use.

Required Create a table like the one in Exhibit 1.9, using the following headings for columns: Cash; Accounts Receivable; Equipment; Accounts Payable; Maben, Capital; Maben, Withdrawals; 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.