1 3.25 points 04:46:43 Check my work mode: This shows what is correct or incorrect for...

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1 3.25 points 04:46:43 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Ming Chen started a business and had the following transactions in June. a. Owner invested $60,000 cash in the company along with $15,000 of equipment in exchange for its common stock. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $2,500 cash. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. f. The company purchased additional equipment for $6,000 cash. g. The company paid an assistant $3,000 cash as wages for the month. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 1. The company paid $10,000 cash to settle the liability created in transaction c J. The company paid $1,000 cash in dividends to the owner (sole shareholder). Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Assets Cash Accounts Receivable Answer is not complete. Liabilities Equity Equipment Accounts Payable Common Stock Dividends Revenues a $ 60,000. b. (1,500)+ Balance after a 60 000 1+ (1.500) + 0 0 + 0 n 0 3.25 points Accounts Cash Receivable Equipment Accounts Payable Common Stock Dividends Revenues Expenses is 60,000. " (1,500) Balance after a 60,000 and b (1.500) " 0 W . - . 1,500 O 1- 1,500 . " 10,000- - Balance after c 60.000 (1,500) 10.000 1. 0 1= + 0 - 1,500 d 2.500 . 2,500 Balance afer d 60,000 + 1,000 . 10,000 " 0 0 0 2,500 1,500 . + . 8,000- Balance after e 60.000 + 1,000 . 10.000 " 0 0 0 10.500 1- 1,500 (6,000) 6,000- 1+ Balance after f 00,000 + (5,000) + 16.000 0 0 0 10,500 - 1,500 (3.000) - . 1. - 3,000 Balance after g 60,000 (8,000) 16.000 - 0 0 0 . 10,500 4,500 h . 5,000 . + Balance after h 60,000 (3.000) . 16.000 . 0 0 + 10.500 T 4,500 K + (10,000) O 1- Balance after i 60,000 . (13,000) . 16.000 0 0 - 0 . 10,500 - 4.500 (1,000) 1,000- Balance after j $ 60,000 $ (14,000) $ 16,000 $ 0 $ 0 1,000 10.500 15 4,500 1 3.25 points 04:46:43 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Ming Chen started a business and had the following transactions in June. a. Owner invested $60,000 cash in the company along with $15,000 of equipment in exchange for its common stock. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $2,500 cash. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. f. The company purchased additional equipment for $6,000 cash. g. The company paid an assistant $3,000 cash as wages for the month. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 1. The company paid $10,000 cash to settle the liability created in transaction c J. The company paid $1,000 cash in dividends to the owner (sole shareholder). Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Assets Cash Accounts Receivable Answer is not complete. Liabilities Equity Equipment Accounts Payable Common Stock Dividends Revenues a $ 60,000. b. (1,500)+ Balance after a 60 000 1+ (1.500) + 0 0 + 0 n 0 3.25 points Accounts Cash Receivable Equipment Accounts Payable Common Stock Dividends Revenues Expenses is 60,000. " (1,500) Balance after a 60,000 and b (1.500) " 0 W . - . 1,500 O 1- 1,500 . " 10,000- - Balance after c 60.000 (1,500) 10.000 1. 0 1= + 0 - 1,500 d 2.500 . 2,500 Balance afer d 60,000 + 1,000 . 10,000 " 0 0 0 2,500 1,500 . + . 8,000- Balance after e 60.000 + 1,000 . 10.000 " 0 0 0 10.500 1- 1,500 (6,000) 6,000- 1+ Balance after f 00,000 + (5,000) + 16.000 0 0 0 10,500 - 1,500 (3.000) - . 1. - 3,000 Balance after g 60,000 (8,000) 16.000 - 0 0 0 . 10,500 4,500 h . 5,000 . + Balance after h 60,000 (3.000) . 16.000 . 0 0 + 10.500 T 4,500 K + (10,000) O 1- Balance after i 60,000 . (13,000) . 16.000 0 0 - 0 . 10,500 - 4.500 (1,000) 1,000- Balance after j $ 60,000 $ (14,000) $ 16,000 $ 0 $ 0 1,000 10.500 15 4,500