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Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 eBook Ming Chen began a professional practice on June 1 and plans to

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Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 eBook 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.) Ask Print References Assets Equity Liabilities Accounts Payable Accounts Receivable Cash Equipment - Common Stock Dividends Revenues Expenses a. $ $ 17,000 - + 84,000 - + b 67,000 (1,500) 65,500 - 1,500 + Bal. 0 + + 84.000 - 0 0 + - 1,500 + + 17.000 17,000 = 34,000 + 17,000 + 17.000 + Bal. + 0 84,000 - 0 0 - + 1,500 65,500 - 2,200 67.700 + . d. Bal + 1,500 O + 34,000 - 84.000 17.000 0 + . 2,200 2.200 8.900 11,100 e + 8,900 8,900 ............ 1.500 Bal 0 + 17,000 + 84,000 - ### . f 34,000 5,600 39,600 + + D 84.000 11.100 Bal 8.900 67.700 + (5,600) + 62,100 - (3.200) - 58.900 5,800 + + + + 17,000 + + 17,000+ 1,500 3.200 4.700 D + 84,000 11,100 8,900 Bal 39.600 + h. (Prev 1 of 1 Next

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