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 $60,000 cash in the company along with equipment that had a $15,000 market value 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 the $2,500 cash earned. 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. 1. The company paid $10,000 cash to settle the liability created in transaction J. The company paid $1,000 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 E + Liabilities Assets Equity + Cash Accounts Payable Accounts Receivable Common Stock Revenues Equipment Dividends Expenses + $ a + 60,000 11 + b 0 0 + 0 + 0 0 + 0 60,000 Bal + c 0 0 0 0 O 0 + Bal 0 4 60.000 + = + 18. 0 0 0 0 0 0 0 Bal + 60.000 . 11 . e + 0 + 0 0 0 0 0 BBL 60,000 01 + eller ute pallUI ULIT ladLLIUH OH 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 $ 60,000 + b + + + Bal. 60,000 + 0 + 0 0 0 0 0 + + 0 c. + Bal 0 0 0 0 = + 0 0 + 0 60,000 + d. + + + 0 Bal 0 0 60,000 0 0 + 0 + + = 5 + + + e. + f 0 0 0 - 0 0 0 + Bal + = 0 60,000 - + = + f. + 0 0 0 0 0 0 + 0 Bal. 60.000 + 0 0 0 . 9. Bal. 0 . 0 0 60,000 + + + h. + 0 0 0 0 0 + 0 60,000 Bal + + . + + 0 0 L 0 0 0 + 0 ++++ 0 + + 60,000 Bal + + 0 0 $ . 0 ## $ $ - 0 $ $ 0 0 - $ $ 60.000 $ 4 0 + Bal. Next > 13 of 18