Exercise $1-15($Algo$)$ Identifying effects of transactions using the accounting equation LO P$1$

Ming Chen started a business and had the following transactions in June.

a$.$ Owner invested $$67,000$ cash in the company along with $$17,000$ of equipment 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 $$17,000$ of additional equipment on credit $($payment due within $30$ days$).$

d$.$ The company completed work for a client and immediately collected $$2,200$ cash.

e$.$ The company completed work for a client and sent a bill for $$8,900$ to be received within $30$ days.

f$.$ The company purchased additional equipment for $$5,600$ cash.

g$.$ The company paid an assistant $$3,200$ cash as wages for the month.

h$.$ The company collected $$5,800$ cash as a partial payment for the amount owed by the client in transaction $e.$

i$.$ The company paid $$17,000$ cash to settle the liability created in transaction $c.$

j$.$ The company paid $$1,400$ cash in dividends to the owner $($sole shareholder$).$

Required:

Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation.

Note: Enter decreases to account balances with a minus sign.

$\backslash$table$[[,$Assets,,$\backslash$table$[[$Liabilities$],[$Accounts$],[$Payable$]],,$Equity$],[,$Cash,$+,\backslash$table$[[$Accounts$],[$Receivable$]],+,$Equipment $=,,,\backslash$table$[[$Common$],[$Stock$]],-,$Dividends $+,+,$Revenues $-,-,$Expenses$],[.,,+,$T$,+,\backslash =,=,-,+,,-,,+,,,],[$b$.,,+,?,+,\backslash ,=,+,+,,-,+,+,-,-?,],[$Balance after a and $b,0,+,0,+,0,=,0,+,0,-,0+,+,0-,-,0],[$c$.,,+,,+,,=,-,+,,?,,+,,-,],[$Balance after c$,0,+,0,+,0,=,0,+,0,-,0+,+,0-,-,0],[4,,+,$P$,+,$P$,=,$P$,+P,,-,,+,,-P,]]$

Note: Enter decreases to account balances with a minus sign.

Ming Chen started a business and had the following transactions in June.

a$.$ Owner invested $$67,000$ cash in the company along with $$17,000$ of equipment 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 $$17,000$ of additional equipment on credit $($payment due within $30$ days$).$

d$.$ The company completed work for a client and immediately collected $$2,200$ cash.

e$.$ The company completed work for a client and sent a bill for $$8,900$ to be received within $30$ days.

f$.$ The company purchased additional equipment for $$5,600$ cash.

g$.$ The company paid an assistant $$3,200$ cash as wages for the month.

h$.$ The company collected $$5,800$ cash as a partial payment for the amount owed by the client in transaction $e.$

i$.$ The company paid $$17,000$ cash to settle the liability created in transaction $c.$

j$.$ The company paid $$1,400$ cash in dividends to the owner $($sole shareholder$).$

Required:

Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation.

Note: Enter decreases to account balances with a minus sign.