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Ming Chen started a business and had the following transactions in June. a Owner invested $68,000 cash in the company along with $15,000 of
Ming Chen started a business and had the following transactions in June. a Owner invested $68,000 cash in the company along with $15,000 of equipment. b. The company paid $2,700 cash for rent of office space for the month. c. The company purchased $14,000 of additional equipment on credit (payment due within 30 days) d. The company completed work for a client and immediately collected $2,100 cash. e. The company completed work for a client and sent a bill for $7,500 to be received within 30 days. f. The company purchased additional equipment for $6,600 cash. g. The company paid an assistant $2,000 cash as wages for the month. h. The company collected $4,900 cash as a partial payment for the amount owed by the client in transaction e The company paid $14,000 cash to settle the liability created in transaction c J. The owner withdrew $1,700 cash from the company for personal use. Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation Note: Enter decreases to account balances with a minus sign. b Cash Assets Accounts Receivable Liabilities Equity Equipment Accounts Payable Ming Chen, Capital Ming Chen, Withdrawals Revenues Expenses + 4 + Balance after a and b 0 + 0 + 0 = 0+ + 0 + 0- 0 C + + TO Balance after c O . 0+ 0 0+ 0 0 + 0- d . + + Balance after d 0 0 + 0 0 + 0 0+ 0- 0 e + Balance after e 0+ O 0 0 0+ 0 0 f. + 4 Balance after f 0+ 0 + 0 = 0-> 0 0 0- 9 Balance after g h. 0+ 0 + 0 0+ 0 0+ 0- 0 + + + Balance after h 0+ 0+ 0 == 0+ 0+ 0- 0 + + Balance after i 0 + 0 + 0 0 + 0 0+ 01- 0 + = . + Balance after j $ 0 + $ 0 + $ 0 B $ 0 . $ 0- $ 0 + $ 0 $ 0
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