Exercise 1-15 (Algo) Identifying effects of transactions using the accounting equation LO P1 Ming Chen started a business and had the following transactions in June. a. Owner invested $61,000 cash in the company along with $13,000 of equipment in exchange for its common stock. b. The company paid $3,000 cash for rent of office space for the month. c. The company purchased $18,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $1,600 cash. e. The company completed work for a client and sent a bill for $8,500 to be received within 30 days. f. The company purchased additional equipment for $5,100 cash. g. The company paid an assistant $2,000 cash as wages for the month. h. The company collected $5,700 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $18,000 cash to settle the liability created in transaction c. j. The company paid $1,400 cash in dividends to the owner (sole shareholder). Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the ac equation. (Enter decreases to account balances with a minus sign.) Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities Equity Cash Accounts Receivable Accounts + Equipment Payable Common Stock Dividends Revenues Expenses a. + + + + b. + + + + Balance after a and b 0 + 0 + 0 0 + 0 0 + 0 0 C. + + + + Balance after c 0 + 0 + 0 0 + 0 0+ 0 0 d. + + + Balance after d 0 + 0 + 0 = 0 + 0 0 + 0 0 e. + + + + Balance after e 0 + 0 + 0 = 0+ 0 0 + 0 0 f. + + + + Balance after f 0 + 0 + 0 0+ 0 0 + 0 0 g. Balance after g h. Balance after h + + = + + 0 + 0 + 0 0 + 0 0 + 0 0 + + + + 0 + 0 + 0 0 + 0 0 + 0 0 i. + + = + + Balance after i 0 + 0 + 0 0 + 0 0 + 0 0 lj + + = + + Balance after j $ 0 + $ 0 + $ 0 $ = 0 + $ 0 $ 0 + $ 0 $ 10