Question

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. ok ht inces
a. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock.
b. The company paid $2,700 cash forfrent of office space for the month.
c. The company purchased $14,000 of additional equipment on credit (payment due within 30 days).
d. The company completed work for a client and immediately collected the $2,600 cash earned.
e. The company completed work for a client and sent a bill for $7,700 to be received within 30 days.
f. The company purchased additional equipment for $5,100 cash.
g. The company paid an assistant $4,000 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 e.
i. The company paid $14,000 cash to settle the liability created in transaction c.
j. The company paid $1,100 cash in dividends to the owner (sole shareholder). ad time
Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)

Answer 1

Answer:

I used an excel spreadsheet because there is not enough room here.    

Explanation:

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