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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. The company paid $2,000 cash for rent of office space for the month. The company purchased $18,000 of additional equipment on credit (payment due within 30 days). The company completed work for a client and immediately collected the $1,600 cash earned. The company completed work for a client and sent a bill for $7,300 to be received within 30 days. The company purchased additional equipment for $5,000 cash. The company paid an assistant $2,400 cash as wages for the month. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e. The company paid $18,000 cash to settle the liability created in transaction c. 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 a. $ + $ 15,000 Il b. 60,000 + (2,000) + 58,000 + + = + + - - Bal. 0 + 15,000 Il 0 + 0 0 + 0 0 c. + + + = + - + Bal. 58,000 + 0 15,000 = 0 + 0 0 + 0 0 + d. + + + + Bal. 58,000 + 0 15,000 = 0 + 0 0 + 0 - 0 e. + + + + Bal. 58,000 + 0 + 15,000 0 + 0 0 + 0 0 f. + + + + Bal. 58,000 + 1 0 + 15,000 = 0 + 0 0 + 0 0 g + + + + Bal. 58,000 + 0 + 15,000 = 0 + 0 - 0 + 0 - 0 + h. + Il + + Bal. 58,000 + 0 + 15,000 0 + 0 0 + 0 0 i. + + + + Bal. 58,000 + 0 + 15,000 0 + 0 - 0 + 0 0 j. + + II + + Bal. 58,000 + $ 0 + $ 15,000 $ 0 + $ 0 $ 0 + $ 0 0