nces Exercise 1-15 (Algo) Identifying effects of transactions using the accounting equation LO P1 Ming Chen started a business and had the following transactions in June. a. Owner invested $66,000 cash in the company along with $15,000 of equipment in exchange for its common stock. b. The company paid $1,800 cash for rent of office space for the month. c. The company purchased $15,000 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 $8,700 to be received within 30 days. f. The company purchased additional equipment for $6,400 cash. g. The company paid an assistant $3,900 cash as wages for the month. h. The company collected $4,800 cash as a partial payment for the amount owed by the client in transaction e. 1. The company paid $15,000 cash to settle the liability created in transaction c. j. The company paid $1,500 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.) Cash a. + b. + Balance after a and b + Assets Accounts Receivable Liabilities + Equipment= Accounts Payable Common Stock Divide + = + +