Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 ak mt 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 $57,000 cash in the company along with equipment that had a $27.000 market value in exchange for its common stock b. The company paid $2,500 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 $2,400 cash earned. e. The company completed work for a client and sent a bill for $9,000 to be received within 30 days. 1. The company purchased additional equipment for $6,900 cash. g. The company paid an assistant $3.700 cash as wages for the month. h. The company collected $4,800 cash as a partial payment for the amount owed by the client in transaction e 1. The company paid $18,000 cash to settle the liability created in transaction c J. The company paid $1,800 cash in dividends to the owner (sole shareholder). ences Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Equity Liabilities Assets Next > 6 of 14 !!!