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 $25,000 market value in exchange for its common stock b. The company paid $1,900 cash for rent of office space for the month. c. The company purchased $15,000 of additional equipment on credit (payment due within 30 days) d. The company completed work for a client and immediately collected the $2,100 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 $3,000 cash as wages for the month. h. The company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. 1. The company paid $15,000 cash to settle the liability created in transaction c. J. The company paid $1,500 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 $ 61,000+ + b. + + Bal 0 + 0 0 + 0 0 + 0 0 61,000 + 1,900 62,900 + C. Bal. + + 0 + 0 ---- 0+ 0 ! ! ! ! ! 0 0 0 d. + + + + Bal. 0 62,900 + 0 0 + + + 0 0 0 0 + e. + + ++ Bal + 0 62,900 + + 0 0 0 + 0 0 0 Prav 21 of 29 !!! Next >