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 $53,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $1,600 cash for rent of office space for the month. c. The company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $1,700 cash earned. e. The company completed work for a client and sent a bill for $7,400 to be received within 30 days. f. The company purchased additional equipment for $6,400 cash. g. The company paid an assistant $3,300 cash as wages for the month. h. The company collected $5,300 cash as a partial payment for the amount owed by the client in transaction e i. The company paid $15,000 cash to settle the liability created in transaction c Owner withdrew $1,300 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 Cash Liabilities + Equity a b + Accounts Receivable + + Equipment Accounts Payable M. Chen, Capital M. Chen, Withdrawals Revenues Expenses + + Bal 0 . 0 0 0 + 0- 0 + 0 0 O Bal d Bal Bal L + + + 0 + 0 + 0 0+ 0- 0 + 0- + + + 0 + 0+ 0 BO 0+ 0- 0 + 0 0 + + + + 0 + D . 0 0 + 0- 0 0 0 . . + Bal 0 + 0 + 0 0+ 0 0 + 0- 0 O + + + + Bal 0+ O 0 + 0- 0+ 0- 0 h + + +