Extracted text: 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 in exchange for its common stock. 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. g. 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. The company paid $1,000 cash in dividends to the owner (sole shareholder). ces 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 Receivable Cash Equipment Accounts Payable Common Stock Dividends Revenues Expenses a. 60,000 $ 15,000 0. %3D 7,500 24 %24 b. (1,500) + Bal 0. 1,500 58,500 15,000 于 7,500 1,500 C. 10,000 10,000 Bal. 58,500 25,000 10,000 7,500 d. 2,500 1,500 Bal. 61,000 25,000 10,000 7,500 0. 1,500 e. 8,000 0. 0. Bal. 61,000 8,000 25.000 10,000 f. 7,500 0. 1.500 Bal. 61,000 8,000 25.000 10 000 7.500 1,500 9. Bal. 61,000 8.000 25.000 10,000 7.500 0. 1.500 h. Bal 61. 000 8.000 25.000 10.000 7.500 1.500 Mc. Graw Hill Prav 1 of 1 Next キ 4. 卡 %24 1. %24 %24 +. 4, %24 4. 4. %24