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 $66,000 cash in the company along with equipment that had a $10,000 market value in exchange for its common stock. b. The company paid $1,100 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 $1700 cash eamed. e. The company completed work for a client and sent a bil for $8200 to be received within 30 days 1. The company purchased additional equipment for $6,300 cash g. The company paid an assistant $2,900 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. 1. The company paid $10,000 cash to settle the liability created in transaction 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.) Liabilities Equity Assets Accounts Receivable Common Stock Equipment Accounts Payable Dividends Cash Revenues + Expenses Assets Liabilities + Equity Cash Accounts Receivable + Equipment Accounts Payable + Common Stock Dividends Revenues Expenses a + + + . . b. Bal 0 + + 0 0 - + 0 0 0+ 0 0 + + + BL 0 + 0 + 0 0 + 0 !!! 0+ 0 a. Bal. d. Bal. 0 + + + 0 + 0 + 0 0 0 0 + 0 0 + + + 0 + 0 + 0 0 + 0 0+ 0 0 Bal 1. Bal. + + + + 1 1 1 1 1 1 + 0 0 + 0 = 0 + 0 - + 10 0 0 + . + g Bal 1 III III. 0 + 0 + + 0 - 0 0 0 + O 0 th + + + + Bal 0 0 + 0 0 + 0 + + 0 0 + + C + Bal. 0 + 0 + 0 0 + 0 1 1 1 0 + - 0 0 d. + + + + Bal. 0 + 0 + 0 + 0 0 0 + 0 0 + + + le Bal 0 0 + 0 0 + 0 0 - 0 0 . + Bal 0 + 0 + 0 0 + - 0 0 + 0 0 55 + + + 9 Bal 0 + 0 + 0 + 0 0 + 0 0 0 h. + + + 0 + 0 + 0 0 + 0 0 + 0 0 . Bal. i. Bal. + + 0 + 0 + 0 = + 0 0 0 0 0 + . + + $ 0 $ Bal. 0 + 0 $ $ $ + 0 0 + - 10 $ $ - 0 S 0