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 $61,000 cash in the company along with equipment that had a $22,000 market value.
b. The company paid $1,200 cash for rent of office space for the month.
c. The company purchased $13,000 of additional equipment on credit (payment due within 30 days).
d. The company completed work for a client and immediately collected the $2,300 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 $6,200 cash.
g. The company paid an assistant $2,400 cash as wages for the month.
h. The company collected $4,300 cash as a partial payment for the amount owed by the client in transaction
i. The company paid $13,000 cash to settle the liability created in transaction
j. Owner withdrew $1,200 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.) es Assets Equity = Liabilities + + Equipment = Accounts Payable Cash Accounts Receivable Common Stock Dividends Revenues Expenses Assets Liabilities Equity Cash Accounts Receivable + Equipment = Accounts Payable + Common Stock - Dividends + Revenues Expenses a - + b. + + Bal + + - C. Bal. d. Bal + + + e. Bal + + f. + Bal. + + + + 9 Bal - + + h + С + + Bal + + d. + Bal + e + Bal + 1. Bal + + 9 + + Bal + h + III Bal + 1 III Bal + Bal +