Exercise 1-15 Ming Chen started a business and had the following transactions in June. Create the following table simi- lar to Exhibit 1.9 and use additions and subtractions to show the dollar effects of the transactions on indi- Identifying effects of vidual items of the accounting equation. Show new balances after each transaction. transactions using the accounting equation i P1 Cash + Assets Accounts Receivable Liabilities + Equity + Equipment Accounts Payable +Common - Stock Dividends + Revenues Expenses Check Ending balances Cash, $46,000 Expenses $4.500 a. Owner invested $60,000 cash in the company along with $15,000 of equipment in exchange for its common stock. b. The company paid $1,500 cash for rent of office space for the month.. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $2,500 cash. [continued on next page] Chapter 1 Accounting in Business (continued from previous page] e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. f. The company purchased additional equipment for $6,000 cash. g. The company paid an assistant $3,000 cash as wages for the month. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $10,000 cash to settle the liability created in transaction c. j. The company paid $1,000 cash in dividends to the owner (sole shareholder). Shep Company's records show the following information for the current year.