Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen begon a professional practice on June 1ond 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 $1500 cash for rent of office space for the month c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days) d. The company completed work for a client and immediately collected the $2.500 cash eamed e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days f The company purchased additional equipment for $6,000 cash g. The company paid an assistant $3.000 cash as wages for the month h The company collected $5.000 cash as a partial payment for the amount owed by the client in transaction e The company paid $10,000 cash to settle the liability created in transaction 1. Owner withdrew $1,000 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 Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M. Cheni Capital M. Chen, Withdrawals Revenues Expenses + b Bal . 10 0 0 = 0 0 +10 0 0 Bal 0 -10 0 01 + 0 D 0 d . Bal ol - 0 0 - +10 0 0 0 Bat 0 01 - 0 = 0 0 0 Bal 0 0 - 0 = 0. 0 0 . 0 0 6 Bal 10 0 0 0 0 0 0 - Bai 0 +0 0 0 . 0 O 0 0 E Bal 0 0 D 0 0 0 E Bal 5 0 $ 0 S 0 S D 0 0 $