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Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 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 $57.000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock b. The company paid $2,500 cash for rent of office space for the month. c. The company purchased $18,000 of additional equipment on credit (payment due within 30 days) d. The company completed work for a client and immediately collected the $2,400 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 $6,900 cash 9. The company paid an assistant $3700 cash as wages for the month h. The company collected $4,800 cash as a partial payment for the amount owed by the client in transaction e. 1. The company paid $18,000 cash to settle the liability created in transaction J. The company pold $1,800 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.) ak incos 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 Accounts Receivable Cash Accounts Payable Common Stock Rovenues + Equipment Dividends Expenses + a. + b. + + 0 - 0 Bal 0 - 0 0 0 0 0 . - + sk 04 0 0 0 0 0 0 0 Bal d - + + + Bal 0 + 0 + 0 + 0 0 + 0 0 Print . 0 0 0 0 0 0 + 0 0 Bal 1. + + erences Bal 0 0 D 0 0 0 + 0 11 0 - + 9 . + Bal 0 + 0 0 . 0 0 0 0 . + Bal 0 + 0 - 0 O + 0 0 0 0 Bal 0 D - . 0 + 0 0 0 0 . Bal $ 0 $ 0 $ 0 S 0 + $ 0 $ 0 + $ 0 $ 0