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 $64,000 cash in the company along with equipment that had a $20,000 market value in exchange for its common stock. b. The company paid $1,200 cash for rent of office space for the month. c. The company purchased $11,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,400 cash earned. e. The company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. The company purchased additional equipment for $5,500 cash. g. The company paid an assistant $3,100 cash as wages for the month. h. The company collected $5,100 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $11,000 cash to settle the liability created in transaction c. j. The company paid $1,800 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 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + Bal. Bal. Bal. Bal. Bal. Bal. Bal. Bal. g. b. Bal. C. e. h. d