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Ming Chen started a business and had the following transactions in June a. Owner invested $60,000 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 $60,000 cash in the company along with $15,000 of equipment 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 $2,500 cash 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: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) equation. (Enter decreases to account balances with a minus sign.)
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