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Che Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming

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Che 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 $67,000 cash in the company along with equipment that had a $17,000 market value 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 $17,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,200 cash earned. e. The company completed work for a client and sent a bill for $8,900 to be received within 30 days. f. The company purchased additional equipment for $5,600 cash. g. The company paid an assistant $3,200 cash as wages for the month. h. The company collected $5,800 cash as a partial payment for the amount owed by the client in transaction e 1. The company paid $17.000 cash to settle the liability created in transaction c. J. The company paid $1,400 cash in dividends to the owner (sole shareholder). Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balances with a minus sign.) Assets Equity Liabilities Accounts Payable Cash Accounts Receivable + Equipment Common Stock Dividends Revenues Expenses + + + b Bal 0 + 0 + 0 0 + 0 0+ 0 0 + + c. Bal 0 + 0 + 0 = 0 + 0 0 + 0 0 d. + + + + Bal 0 + 0 + 0 0 + 0 0 + 0 0 + + Bal 0 + 0 + 0 0 + 0 + 0 0 0 . + + minus sign.) Assets Liabilities + Equity Cash + Accounts Receivable Equipment Accounts Payable Common Stock Dividends + Revenues Expenses a. + + + + + + b. Bal + + 0 + 0 + 0 0 + 0 0 + 0 + + + + c. Bal. 0 + 0 + 0 0 + 0 0 + 0 0 + + + + d. Bal. 0 + + 0 0 0 + 0 0 + 0 0 1 I e. + + + Bal 0 + + 0 0 0 + 0 0 0 + + + + 1. Bal. 0 + 0 . 0 0 + 0 + 0 0 0 25 6 + + + Bal. 0 + 0 + 0 0 0 - 0 + 0 0 h. + + + + Bal. + 0 0 + 0 0 + 0 0 + 0 0 i + + + + Bal. 0 + 0 + 0 0 + 0 0 + 0 0 + + + + j. Bal $ 0 + $ 0 + $ 0 $ 0 + $ 0 $ 0 + $ 0 $ 0

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