Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 ces 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 $60.000 cash in the company along with equipment that had a $15,000 market value 6. The company paid $1,500 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 chent and immediately collected the $2.500 cash earned e. The company completed work for a client and sent a bit for $8,000 to be received within 30 days f. The company purchased additional equipment for $6,000 cash 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 transactione The company paid $10.000 cash to settle the ability created in transaction owner withdrew $1000 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. Chen, Capital M. Chan Withdrawals Revenues Expenses + + Bal + Bal d + Bal + 0 + Bal. + + Bal. + 9 Bal + ih 4 Bal Chi b T + + + + Bal . + + + + Bal + d Bal Bal + . 1 Bal + . + + 19 Bal h Bal + + + 1 + + . B