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 $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock b. The company paid $1,200 cash for rent of office space for the month. c. The company purchased $13,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,300 cash earned. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 1. The company purchased additional equipment for $6,200 cash. g. The company paid an assistant $2,400 cash as wages for the month. h. The company collected $4,300 cash as a partial payment for the amount owed by the client in transaction e. 1. The company paid $13,000 cash to settle the liability created in transaction J. The company paid $1.200 cash in dividends to the owner (sole shareholder). 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 Common Stock - Dividends + Revenues - Expenses a. b. Bal ++ 1 C. II.1 Bal. + + d. Bal + + Bal. + 1. + Bal. 9 + Bal + + + h. Bal + + + + 1. + + Bal + + + + + Bal. + +