Chapter 1, Problem 15E

To determine

Concept Introduction:

Accounting equation:

It reflects the concept of double entry accounting. The accounting equation displays that all assets are either financed through shareholders funds i.e. equity or by borrowing money i.e. liabilities. Thus, the accounting equation is:          $Asset=Liabilities+Equity$

To Prepare:

The table showing the effects of transactions completed by the Ming Chen.