Exercise 1-13 Identitying 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 $64,000 cash in the company along with equipment that had a $20,000 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 $11,000 of additional equipment on credit (payment due within 30 days) d. The company completed work for a client and immediately collected the $2.400 cash earned e. The company completed work for a client and sent a bill for $7,000 to be received within 30 days f. The company purchased additional equipment for $5,500 cash g. The company paid an assistant $3.100 cash as wages for the month h. The company collected $5,100 cash as a partial payment for the amount owed by the client in transaction e i. The company paid $11,000 cash to settle the liability created in transaction c The company paid $1,800 cash in dividends to the owner (sole shareholder) ces 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 Accounts Receivable Accounts Payable Common Stock Cash Equipment Revenues Dividends Expenses la. b. + Bal. 0+ ol + + Ba o ol 0 di Bal C 0P 0 e. Bal ol + 0 + Bal 0 0 + + Bal C Ba C 0 0 Bal. o- + Bal 0 O- S +