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. a The company paid an assistant $3.000 cash as wages for the month,
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. a The company paid an assistant $3.000 cash as wages for the month,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Assignments: ACCTG-4A-80575-2021SP
M Question 8 - Chapter 1 Exercises Connect
Chapter 1 Exercises i
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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:
0.33
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.
points
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).
eBook
Print
References
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
minus sign.)
Liabilities
Equity
%3D
Assets
Common
Stock
Accounts
Dividends
Revenue
Expenses
Accounts
Cash
Equipment
Payable
Receivable
$
+
75,000
$15,000
%D
$4
60,000
$
+
a.
0.
1,500
+
b.
(1,500) +
1,500
0.
75,000
15,000
%D
+
Bal.
58,500
0.
0.
10,000
10,000
С.
1,500
25,000
10,000 +
75,000
%D
Bal.
58,500
2,500
%3D
d.
2,500
0.
2,500
1,500
10,000
75,000
25,000
%3D
Bal.
61,000
ol +
8.000
ol +
%3D
+
8.000
e.
O OO O
%24
%24
%24
+
%24
II
II
00"
Transcribed Image Text:ezto.mheducation.com
Assignments: ACCTG-4A-80575-2021SP
M Question 8 - Chapter 1 Exercises Connect
Chapter 1 Exercises i
Saved
Help
Save & Exit
Check my
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:
0.33
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.
points
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).
eBook
Print
References
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
minus sign.)
Liabilities
Equity
%3D
Assets
Common
Stock
Accounts
Dividends
Revenue
Expenses
Accounts
Cash
Equipment
Payable
Receivable
$
+
75,000
$15,000
%D
$4
60,000
$
+
a.
0.
1,500
+
b.
(1,500) +
1,500
0.
75,000
15,000
%D
+
Bal.
58,500
0.
0.
10,000
10,000
С.
1,500
25,000
10,000 +
75,000
%D
Bal.
58,500
2,500
%3D
d.
2,500
0.
2,500
1,500
10,000
75,000
25,000
%3D
Bal.
61,000
ol +
8.000
ol +
%3D
+
8.000
e.
O OO O
%24
%24
%24
+
%24
II
II
00
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