Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Duri Ming Chen (the owner) completed these transactions. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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 the $2,500 cash earned. 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. 9. 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 1. The company paid $10,000 cash to settle the liability created in transaction J. Owner withdrew $1,000 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.) 5 Assets Liabilities + Cash Accounts Receivable Equipment Accounts Payable Equity M. Chen, Withdrawals M. Chen, Capital a + Revenues b Expenses + Bal + + C + + Bal d + + Bal + + + + Bel + 1 + + + 2 Bal + + + 9 Bal . + Bal --- + + here to search o !