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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. 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. 9. 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. Owner withdrew $1,000 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.) Assets Liabilities + Equity Accounts E. Accounts M. Chen, M. Chen, Dm Check my work Cash ACCOUnts Receivable + Equipment Accounts Payable M. Unen, Capital M. Chen, Withdrawals Revenue Exp ++ + + !! + b. Bal !! + ++ ++ C. Bal + + + d. + Bal + + + e. + + Bal. + + f. + Bal IIIIIIIIII + + + 9 Bal. + + h. + + = + Bal + + + + Bal + + + + + III + Bal + + + + -

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