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.

1. Owner invested $61,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock.
2. The company paid $3,000 cash for rent of office space for the month.
3. The company purchased $18,000 of additional equipment on credit (payment due within 30 days).
4. The company completed work for a client and immediately collected the $1,600 cash earned.
5. The company completed work for a client and sent a bill for $8,500 to be received within 30 days.
6. The company purchased additional equipment for $5,100 cash.
7. The company paid an assistant $2,000 cash as wages for the month.
8. The company collected $5,700 cash as a partial payment for the amount owed by the client in transactione.
9. The company paid $18,000 cash to settle the liability created in transactionc.
10. The company paid $1,400 cash in dividends to the owner (sole shareholder).

Cash + Accounts + = Accounts + Common Receivable Equipment + Payable Stock Dividends Revenues - Expenses a. + = b Bal. C. Bal. + d Bal. e S Bal. f = + Bal. -+ S g. + = Bal. h. Bal. + i. Bal. = + + + Bal