Identifying effects of transactions using the accounting equation LO P1 Ming Chen started a business and had the following transactions in June. a. Owner invested $60,000 cash in the company along with $15,000 of equipment 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 $2,500 cash. 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. L The company paid $10,000 cash to settle the liability created in transaction c. J. The owner withdrew $1,000 cash from the company for personal use. Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the account equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities . Equity Cash . Accounts Receivable • Equipment Accounts Payable M. Chen, Capital M. Chen, Withdrawals Revenues Expenses + . b Balance ofera and b 0 + 0 + 0 0 + 0 0 0 c .... 0 - 0. 0 0+ 0 0 + 0 Balance after id Balance after d 0 + + 0 + 0 + 0 = 0+ 0 0 + e 0 + III. I + + Balance after e 0+ 0 + 0 = 0 + 1 0 + . Balance after 0 0 0 = 0 - 0 0 0 0 0 0 0 Balance after h Balance after +++++ 0 0 + 0 0 0+ 0 0 0 0 0 - 0 Balance after 0 0 0 04 0 0 0 Balance ahor $ 01. $ 1. -- 0 S $ 0 $ 0 $ 0 $ - 0

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