Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my wor 9 8.33 points ook Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end

image text in transcribed
image text in transcribed
image text in transcribed
Check my wor 9 8.33 points ook 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 $63.000 cash in the company along with equipment that had a $11,000 market value in exchange for its common stock. b. The company paid $1,200 cash for rent of office space for the month. c. The company purchased $11,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2.700 cash earned, e. The company completed work for a client and sent a bill for $7,400 to be received within 30 days. 1. The company purchased additional equipment for $5,100 cash. 9. The company paid an assistant $3,100 cash as wages for the month. h. The company collected $5,300 cash as a partial payment for the amount owed by the client in transaction e. L. The company pald $11,000 cash to settle the liability created in transaction J. The company paid $1,300 cash in dividends to the owner (sole shareholder), Required: print terences 9 Check my work Enter the impact of each transaction on Individual iterns of the accounting equation (Enter decreases to account balances with a minus sign.) Assets Llabilities + Equity 5.33 points Cash Accounts Receivable Equipment Accounts Payable Common Stock Dividends Revenues Expenses a BOON b + + Print Bal c Deferences Bal d Bai . Mc GE Pros O HO ICY! Dui 9 e Bal . 1 . + 8.33 points Bal 9 Bal + . cBook Bil Pary 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Holding Company Audit Compliance And Risk Management

Authors: Anthony Ludovic Assassa

1st Edition

6206122727, 978-6206122722

More Books

Students also viewed these Accounting questions