Question
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
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) complete these transactions.
a. Owner invested $ 60,000 cash in the company along with equipment that had a $ 15,000 market value. b. The company paid $1500 cash for 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 ab assistant $3,000 cash as wages for the month. h. The company collected $5000 cash as a partial payment for the amount owned by the client in transaction e. I. the company paid %10,000 cash to settle the liability created in transaction c. j. Owner withdraw $1,000 cash from the company for personal use.
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