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 $59,000 cash in the company along with equipment that had a $13,000 market value.
b. The company paid $2,300 cash for rent of office space for the month.
c. The company purchased $11,000 of additional equipment on credit (payment due within 30 days).
d. The company completed work for a client and immediately collected the $2,700 cash earned.
e. The company completed work for a client and sent a bill for $8,500 to be received within 30 days.
f. The company purchased additional equipment for $6,500 cash.
g. The company paid an assistant $3,000 cash as wages for the month.
h. The company collected $4,700 cash as a partial payment for the amount owed by the client in transaction e.
i. The company paid $11,000 cash to settle the liability created in transaction c.
j. Owner withdrew $1,700 cash from the company for personal use.
Required
Enter the impact of each transaction on individual items of the accounting equation.
TransactionAssets=Liabilities+Equit y