Exercise 1-15 (Algo) Identifying effects of transactions using the accounting equation LO P1 Ming Chen started...

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Exercise 1-15 (Algo) Identifying effects of transactions using the accounting equation LO P1 Ming Chen started a business and had the following transactions in June. a. Owner invested $61,000 cash in the company along with $25,000 of equipment. b. The company paid $1,900 cash for rent of office space for the month. c. The company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $2,100 cash. e. The company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. The company purchased additional equipment for $5,500 cash. g. The company paid an assistant $3,000 cash as wages for the month. h. The company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $15,000 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. Assets Liabilities Equity Cash Accounts Receivable + Equipment = Accounts Payable + Ming Chen, Capital Ming Chen, Withdrawals + Revenues a. + + = + + b. + + = + + Balance after a and b + + = + + C. + + = + + Balance after c + + = + + d. + + = + + Balance after d + + = + + e. + + = + + Balance after e f. + + = + + + + + + Balance after f + + = + + g. + + = + + Balance after g h. + + = + + + + = + + Balance after h i. + + = + + + + = + + Balance after i + + = + + + + = + + Balance after j + + = + + - Expenses Exercise 1-15 (Algo) Identifying effects of transactions using the accounting equation LO P1 Ming Chen started a business and had the following transactions in June. a. Owner invested $61,000 cash in the company along with $25,000 of equipment. b. The company paid $1,900 cash for rent of office space for the month. c. The company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $2,100 cash. e. The company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. The company purchased additional equipment for $5,500 cash. g. The company paid an assistant $3,000 cash as wages for the month. h. The company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $15,000 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. Assets Liabilities Equity Cash Accounts Receivable + Equipment = Accounts Payable + Ming Chen, Capital Ming Chen, Withdrawals + Revenues a. + + = + + b. + + = + + Balance after a and b + + = + + C. + + = + + Balance after c + + = + + d. + + = + + Balance after d + + = + + e. + + = + + Balance after e f. + + = + + + + + + Balance after f + + = + + g. + + = + + Balance after g h. + + = + + + + = + + Balance after h i. + + = + + + + = + + Balance after i + + = + + + + = + + Balance after j + + = + + - Expenses

Answer rating: 100% (QA)

ANSWER Heres the table showing the dollar effects of each transaction on individual items of ... View the full answer