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 $61.000 cash in the company along with equipment that had a $13.000 market value in exchange for its common stock. b. The company paid $3.000 cash for rent of office space for the month. c. The company purchased $18.000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $1.600 cash earned. e. The company completed work for a client and sent a bill for $8.500 to be received within 30 days. f. The company purchased additional equipment for $5,100 cash. g. The company paid an assistant $2.000 cash as wages for the month. h. The company collected $5,700 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $18.000 cash to settle the liability created in transaction c. j. The company paid $1,400 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.) Assets = Liabilities + Equity Cash Accounts Receivable + Equipment = Accounts Payable Common Stock - Dividends + Revenues - Expenses S 15,000 = $ 75,000 1,500 1,500 + 1,500 + 15,000 = 75.000 1,500 Bal. 1,500 + 15,000 = 75,000 - 1,500 Bal. 1,500 + 15,000 = 75,000 - 1.500 Bal. 1,500 + 15,000 = 75,000 1,500 1.500 + 15.000 = 75,000 - 1.500 Bal. 1,500 + 15,000 = 75,000 - 1,500 Bal. 1,500 + 15,000 = 75,000 - 1,500 15,000 = 75,000 - 1,500 Bal. j. Bal. 1,500 1,000 2.500 + + + S S 0 + $ 15,000 = $ | $ 75,000 - S S 1,500