Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. a. Owner invested $59,000 cash in the company along with equipment that had a $14,000 market value. b. The company paid $2,000 cash for rent of office space for the month. c. The company purchased $11,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,300 cash earned. e. The company completed work for a client and sent a bill for $7,600 to be received within 30 days. f. The company purchased additional equipment for $5,800 cash. g. The company paid an assistant $3,400 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 $11,000 cash to settle the liability created in transaction c. j. Owner withdrew $1,200 cash from the company for personal use. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets = Liabilities + Equity Cash + Accounts Receivable + Equipment = Accounts Payable + M. Chen, Capital M. Chen, Withdrawals + Revenues Expenses a. + + = + + b. + + + + Bal. 0 + 0 + 0 0 + 0 0 + 0 0 C. + + = + + Bal. 0 + 0 + 0 0 + 0 0 + 0 0 d. + + + + Bal. 0 + 0 + 0 0 + 0 0 + 0 0 e. + + = + + Bal. 0 + 0 + 0 = 0 + 0 0 + 0 0 f. + + = + + Bal. 0 + 0 + 0 = 0 + 0 0 + 0 0 g + + = - + + Bal. 0 + 0 + 0 = 0 + 0 0 + 0 0 h. + + = + + Bal. 0 + 0 + 0 0 + 0 0 + 0 - 0 i. + + = + + 0 + 0 + 0 0 + 0 0 + 0 0 Bal. j Bal. + + + + $ 0 + $ 0 + $ 0 $ 0 + $ 0 $ 0 + $ 0 $ 0