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 $53,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. The company paid $1,600 cash for rent of office space for the month. c. The company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $1,700 cash earned. e. The company completed work for a client and sent a bill for $7,400 to be received within 30 days. f. The company purchased additional equipment for $6,400 cash. g. The company paid an assistant $3,300 cash as wages for the month. h. The company collected $5,300 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $15,000 cash to settle the liability created in transaction c. j. The company paid $1,300 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.) Cash + + a. b. + Assets Accounts Receivable + + + 11 Liabilities + Equity Accounts Common Equipment = + Dividends + Revenues Expenses Payable Stock 11 + + + + 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. + + + + Bal. 0 + 0 + 0 = 0 + 0 0 + 0 0 f. + + + + Bal. 0 + 0 + 0 0 + 0 + 0 0 9 + + 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 + + Bal $ 0 + $ 0 0 $ 0 $ 0 $ 0 + $ 0 $ 0