1) Select a transaction that effects the accounting equation as follows:

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

a) Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.

b) The company paid $2,000 cash for rent of office space for the month.

c) The company purchased $18,000 of additional equipment on credit (payment due within 30 days).

d) The company completed work for a client and immediately collected the $1,600 cash earned.

e) The company completed work for a client and sent a bill for $7,300 to be received within 30 days.

f) The company purchased additional equipment for $5,000 cash.

g) The company paid an assistant $2,400 cash as wages for the month.

h) The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e.

i) The company paid $18,000 cash to settle the liability created in transaction c.

j) Owner withdrew $1,500 cash from the company for personal use.

Select a transaction that effects the accounting equation as follows: options Effects Transaction a. The company purchases supplies on credit. b. The owner invests land in the business (in exchange for its stock). C. The company purchases equipment for cash. Increases an asset and increases a liability Increases an asset and increases equity Decreases an asset and decreases a liability Decreases an asset and decreases equity Increases an asset and decreases an asset. The company provides services and sent a bill for $500 to be received within 30 e. The company purchases equipment on credit. f. The company provides services for cash Increases an asset and increases a liability Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. a. Owner Invested $60,000 cash in the company along with equipment that had a $15,000 market value b. The company paid $2,000 cash for rent of office space for the month. C. The company purchased $18,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $1,600 cash earned. e. The company completed work for a client and sent a bill for $7,300 to be recelved within 30 days. f. The company purchased additional equipment for $5,000 cash. g. The company paid an assistant $2,400 cash as wages for the month. h. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e i. The company paid $18.000 cash to settle the liability created in transaction c. j. Owner withdrew $1,500 cash from the company for personal use Required Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Liabilities+ Accounts Payable Assets Equity Accounts+Equipment M. Chen, Capital M. Chen, Withdrawals Cash Revenues Expenses Receivable Bal. Bal. Bal. Bal. Bal. Bal. h. Bal. Bal Bal S