Exercise 1-13 identifying effects of transactions using the accounting equation lo p1
ming chen began a professional practice on june 1 and plans to prepare financial statements at the end of each month. during june, ming chen (the owner) completed these transactions:

a. owner invested $60,000 cash in the company along with equipment that had a $15,000 market value 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 the $2,500 cash earned.
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:
enter the impact of each transaction on individual items of the accounting equation. (enter decreases to account balances with a minus sign.)