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 $$60,000$ cash in the company along with $$15,000$ of equipment.

b$.$ The company paid $$2,000$ cash for rent of office space for the month.

c$.$ The company purchased $$18,000$ of additional equipment on credit $($payment due within $30$ days$).$

d$.$ The company completed work for a client and immediately collected $$1,600$ cash.

e$.$ The company completed work for a client and sent a bill for $$7,300$ to be received within $30$ days.

f$.$ The company purchased additional equipment for $$5,000$ cash.

g$.$ The company paid an assistant $$2,400$ cash as wages for the month.

h$.$ The company collected $$4,500$ cash as a partial payment for the amount owed by the client in transaction $e.$

i$.$ The company paid $$18,000$ cash to settle the liability created in transaction $c.$

j$.$ The owner withdrew $$1,500$ 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 accounting

equation.

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