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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 equipment
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 in exchange for its common stock. 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 pald 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. 1. The company paid $14,000 cash to settle the liability created in transaction c. 1. The company paid $1,700 cash in dividends to the owner (sole shareholder). Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the equation. Note: Enter decreases to account balances with a minus sign
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