Exercise 1-15 (Static) 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 $60,000 cash in the company along with $15,000 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 $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $2,500 cash. 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 e. i. 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). Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets = Liabilities Equity Accounts Accounts Cash + + Receivable Equipment = + Payable Common Stock - Dividends + Revenues Expenses a. b. + + = + + + = + + + Balance after a and b C. Balance after c + 0 + 0 = 0 + 0 0 + 0 + + = + 0 + 0 + 0 = 0 + 0 - d. + + = + + 0+ + 0 - 0 Balance after d e. + 0 + 0 = 0 + 0 + 0 + + = + + Balance after e 0 + 0+ 0 = 0+ 0 0 + 0 0 f. + + = + + Balance after f + 0 + 0 = 0 + 0 0 + 0 0 g. + + = + + Balance after g 0 + 0 + 0 = 0 + 0 - h. Balance after h i. + + = + 0+ + 0 - 0 + 0 + 0 = 0 + 0 + 0 + + = + + Balance after i 0 + 0 + 0 = 0+ 0 - 0 + 0 0 j. + + = + + Balance after j 0 + 0 + 0 = 0 + 0 0 + $ 0 $ 0