sc ? ta 144 " prt sc delete 1 a 2 # 3 1 $ 4 % 5 + & 7 1 6 8 9 O backspace R T Y U 1 O P [ ] 10/10/2020 Assignment Print View 5 loc t 9. Award: 1.53 points Exercise 1-13 identifying effects of transactions using the accounting equation LO P1 avilio Ming Chen began a professional practice on June and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions Va Owner invested $66,000 cash in the company along with equipment that had a $15,000 market value b. The company paid $1,800 cash for rent of office space for the month 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 the $2,500 cash earned. e. The company completed work for a dient and sent a bill for $8,700 to be received within 30 days. E The company purchased additional equipment for $6,400 cash. 9. 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 i The company paid $15,000 cash to settle the liability created in transaction c. Owner withdrew $1,500 cash from the company for personal use. Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balances with a minus sign.) Inte PENTIUS erful Assets = Liabilities Equity Cash Accounts Accounts * Receivable - Equipment Payable M. Chen, Capital M. Chen, Withdrawals Revenues Expenses a. $ 15,0001 - b. + Bal 0 - 15,000 = 5.000) = 30,000 = 01 + 5.000 + 15,000 + - + D Bal d. Bal - + + 30,000 = 15.000 - + + . 15.000 - $ 66,000+ + (1.800) - + 84,200 + 0 + + + + 64,200 - 0 142,500 + + 66,700 + 0 + 700 + 66,700 + 8.700 6.400) + + + 60,300 + + 8,700 + V (3.900) + + 56.400 + 8.700 + 14,800 + 61.200+ 8.700 + 15,000) 46,200 + 8,700 (1.500) + $ 44,700 + $ 8,700. Bal t. Bal 0 - - 0 - - 30,000 = 6,400 36.400 = + 15,000 + 0 1.800) 0 01. ol- (1.800) ( 1 - 15,000 0 - 0 - 13.200 - 500 - 0 + 2.500 - 13,200 + 8.700 0. 11.200 - 13,200 . 16.400) 0. 11,200 - 6,800 13.9001 0 0 + 11,200 - 2,900 1+ 0 + 11,200 - 2,900 - ( (15,000 0 + 11.200- (12.100) A500+ (1.500 1.500.5 11.200 $ . - 0 - + g g Bal. FL Bal 36,400 - 36,400 - 15,000 + + 15,000 + 0 0 - L Bal. 36.400 - 15,000+ 0 - Bal 5 36.400 $ 15,000 + $ 0 - $ (13,600) References Worksheet Difficulty: 1 Easy Exercise 1-13 Identifying effects of transactions using the accounting equation LOP: Learning Objective: 01-P Analyze business transactions using the accounting equation