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 $60,000 cash in the company along with equipment that had a $15.000 market value in exchange for its common stock b. The company paid $1,500 cash for rent of 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 1 The company purchased additional equipment for $6,000 cash g. The company paid an assistant $3,000 cash as wages for the month h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 1. The company paid $10,000 cash to settle the liability created in transaction The company paid $1.000 cash in dividends to the owner (sole shareholden). Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balances with a minus sign.) Libilities Lily Cash Account Receivable Equipment Accounts Payable Connor Stock Dividends Revenas Expenses a + S 15,000 - . b $ 60,000 (1,500) 58,500 + . 4 - X Bal + 0 + 0 + 0 0 0 0 15,000 10,000 25,000 + 0 C Bal 0 10,000+ 10,000 . 0 . 0 + 0 0 d 58,500 2,500 + 61,000 + . 0 Bal . + 25,000 10,000 + 0 . 0 0 0 4 + 0 8,000 8.000 + > 0 X- Bal + + 10.000 + 0 0 + 0 0 1 + 25 000 6,000 31,000 + + 8,000 Bal 10,000 0 + . 0 0 0 . . + 9 Bal 31.000 10.000 0 . 0 + 0 0 . . h 61,000 (6.000) 55,000 (3.000) 52,000 5,000 57,000 (10,000) 47.000 (1.000) $ 46,000 8.000 (5,000). 3,000 . . 0 31000 0 . Bol 0 + 10.000 (10,000) 0 0 0 0 Bal 3,000 + 31.000 + . + 3.000 0 D IS 5 $ . 31.000 0 0 + 5 Bal 5 +