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.

Owner invested $61,000 cash in the company along with equipment that had a $25,000 market value.
The company paid $1,900 cash for rent of office space for the month.
The company purchased $15,000 of additional equipment on credit (payment due within 30 days).
The company completed work for a client and immediately collected the $2,100 cash earned.
The company completed work for a client and sent a bill for $7,000 to be received within 30 days.
The company purchased additional equipment for $5,500 cash.
The company paid an assistant $3,000 cash as wages for the month.
The company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e.
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.