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Having touble, please help Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month
Having touble, please help
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 $59.000 cash in the company along with equipment that had a $14,000 market value in exchange for its common stock b. The company paid $2,000 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 $2.300 cash earned e. The company completed work for a client and sent a bill for $7600 to be received within 30 days. The company purchased additional equipment for $5,800 cash The company paid an assistant $3,400 cash as wages for the month h. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e The company paid $11,000 cash to settle the liability created in transactionc 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.) Equity Cash Accounts Receivable + Equipment - Accounts Payable - Dividends Revenues - Expenses 0 0 B0+ 000 + = BN 0 0 0 = 0 0 + 0 - 0 + 0 + 0 0 0 + 0 - minus sign.) Assets Accounts Cash + Equipment = Receivable Accounts Payable Common Stock Dividends + Revenues - Expenses 0 . - 0 00 0 . 0 0 . 0 0 0 + 0 + 0 0 0 0. 0 0 0 . Step by Step Solution
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