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 $66,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock.
b. The company paid $1,800 cash for rent of office space for the month.
c. The company purchased $15,000 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 $8,700 to be received within 30 days.
f. The company purchased additional equipment for $6,400 cash.
g. The company paid an assistant $3,900 cash as wages for the month.
h. The company collected $4,800 cash as a partial payment for the amount owed by the client in transaction e.
i. The company paid $15,000 cash to settle the liability created in transaction c.
j. The company paid $1,500 cash in dividends to the owner (sole shareholder).

Required:
Write down the impact of each transaction on individual items of the accounting equation.

The law firm of furlan and benson accumulates costs associated with individual cases, using a job order cost system. the following transactions occurred during july: jul. 3 charged 175 hours of professional (lawyer) time to the obsidian co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10 reimbursed travel costs to employees for depositions related to the obsidian case, $12,500. 14 charged 260 hours of professional time for the obsidian trial at a rate of $185 per hour. 18 received invoice from consultants wadsley and harden for $30,000 for expert testimony related to the obsidian trial. 27 applied office overhead at a rate of $62 per professional hour charged to the obsidian case. 31 paid administrative and support salaries of $28,500 for the month. 31 used office supplies for the month, $4,000. 31 paid professional salaries of $74,350 for the month. 31 billed obsidian $172,500 for successful defense of the case. required: a. provide the journal entries for each of these transactions. refer to the chart of accounts for exact wording of account titles. b. how much office overhead is over- or underapplied? c. determine the gross profit on the obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.