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 $26,000 market value in exchange for its common stock. b. The company paid $2,300 cash for rent of office space for the month. c. The company purchased $17,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,100 cash earned. e. The company completed work for a client and sent a bill for $7,600 to be received within 30 days. f. The company purchased additional equipment for $7,000 cash. g. The company paid an assistant $3,100 cash as wages for the month. h. The company collected $4,400 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $17,000 cash to settle the liability created in transaction c. j. The company paid $1,200 cash in dividends to the owner (sole shareholder). Enter the impact of each transaction on 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. + + + + - b. + + = + + Bal. 0 + 0 + 0 0 + 0 0 + 0 0 C. + + + + - Bal. 0 + 0 + 0 = 0 + 0 0 + 0 0 d. + + + + Bal. 0 + 0 + 0 0 0 + 0 + 0 - 0 e. + + + + 1.1.1.1.1.1.) Bal. 0 + 0 + 0 0 + 0 0 + 0 0 f. + + + Bal. 0 + 0 + 0 = 0 + 0 0 0 0 + g. + + + Bal. 0 + 0 + 0 0 0 0 + 0 0 h. + + + + Bal. 0 + 0 + 0 0 + 0 0 + 0 0 i. + + = + + Bal. 0 + 0 + 0 = 0 + 0 0 + 0 0 j. + + + + Bal. $ 0 + 0 $ + 0 0 + 0 $ 0 + 0 0 11