Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 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 $59,000 cash in the company along with equipment that had a $26,000 market value. b. The company paid $2,300 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 $2,100 cash earned. e. The company completed work for a client and sent a bill for $7,600 to be received within 30 days. f. The company purchased additional equipment for $7,000 cash. g. The company paid an assistant $3,100 cash as wages for the month. h. The company collected $4,400 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $17,000 cash to settle the liability created in transaction c. J. Owner withdrew $1,200 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.) a b. Bal. Cash Assets Liabilities + Equity Accounts Receivable Equipment Accounts Payable M. Chen, Capital M. Chen, Withdrawals Revenues Expenses a. Assets Accounts Cash + Receivable + + b. + Bal. + C. Bal. d. Bal. + e. Bal. + + f. Bal. g Bal. h. Bal. L Bal. J Bal. + Liabilities Equity Equipment Accounts Payable M. Chen, Capital M. Chen, Withdrawals + Revenues Expenses + + + + + + + + + . + + 1