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. f. 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 i. The company paid $10,000 cash to settle the liability created in transaction c. j. The company paid $1,000 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 Equity Liabilities + Accounts + Accounts Common Stock Cash Equipment Dividends Revenue Expenses + + + - Receivable Payable a. = b. + Bal. 0 0 C C C 0 0 0 + + + = + + C. Bal C 0 0 0 0 0 0 0 + + + + = d. Bal C 0 0 0 0 0 0 0 + + + + = e. Bal. C C C C 0 C C 0 + + = f + + + + = Bal C 0 C 0 0 C 0 0 + = g. Bal. 0 0 C C C 0 0 0 + + + + = h. + - + Bal C 0 0 0 C 0 + + + = i. + - Bal C 0 0 0 0 0 0 0 + + + j. C $ C $ C C C $ C $ 0 Bal + + II O I I II EA + O C + EA