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 $68,000 cash in the company along with equipment that had a $29,000 market value in exchange for its common stock. b. The company paid $2,100 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 the $1.600 cash earned. e. The company completed work for a client and sent a bill for $9.000 to be received within 30 days. f. The company purchased additional equipment for $6,100 cash. 9. The company paid an assistant $3,000 cash as wages for the month. h. The company collected $5,300 cash as a partial payment for the amount owed by the client in transaction e. 1. The company paid $10,000 cash to settle the liability created in transaction c. J. The company paid $1,100 cash in dividends to the owner (sole shareholder). Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Cash Accounts Receivable Equipment Accounts Payable Common Stock Dividends + Revenues Expenses la + $ 29,000 0 + $ 97,000 + $ 68,000 (2,100) 65,900 + b Bal + 2,100 2.100 + 0 0 . 0 97,000 + 0 IC . 29.000 10,000 = 39,000 - 10,000 10,000 Bal 0 - 97,000 + 0 0 2,100 d 65,900 1,600 67,500 - + + !! Bal 39,000 + 10,000 97,000 . 0 2,100 1,600 1,500 9,000 10,600 + 0 9,000 9,000 + Bal + + + 10,000 . + 97,000 0 2.100 10 39,000 6,000 X 45,000 + Bal 9,000 10,000 + 97,000 0 10,600 . + + 9 Bal 2,100 3,000 5,100 + - 45,000 10,000 + 97,000 0 10,500 + 67,500 (6.100) 61,400 (3.000) 58,400 5,300 63,700 (10,000) 53,700 (1.100) $ 52,600 9,000 5,300 14,300 h Bal + + . 45,000 97,000 0 + 10,600 5.100 10,000 (10,000) 0 Bal 14,300 + 45,000 97,000 10,600 - 5,100 + 0 1,100 1,100 Bal 15 14,300 + $ 45,000 $ 0 + $ 97,000 S $ 10,600 $ 5,100