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 commonstock.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 ei. The company paid $10,000 cash to settle the liability created in transaction c.J. The company paid $1,000 cash in dividends to the owner (sole shareholder).cesRequired:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with aminus sign.)AssetsLiabilitiesEquityAccountsReceivableCashEquipmentAccountsPayableCommonStockDividendsRevenuesExpensesa.60,000$ 15,0000.%3D7,50024%24b.(1,500) +Bal0.1,50058,50015,000于7,5001,500C.10,00010,000Bal.58,50025,00010,0007,500d.2,5001,500Bal.61,00025,00010,0007,5000.1,500e.8,0000.0.Bal.61,0008,00025.00010,000f.7,5000.1.500Bal.61,0008,00025.00010 0007.5001,5009.Bal.61,0008.00025.00010,0007.5000.1.500h.Bal61. 0008.00025.00010.0007.5001.500Mc.GrawHillPrav1 of 1Nextキ4.卡%241.%24%24+.4,%244.4.%24

Name: Ming Chen began a professional practice on June 1 and plans to prepar
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Description: 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 t

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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. 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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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