Wk 1 - Practice: Connect Knowledge Check [due Day 5] 0 Saved Hllp 5 Exercise 1-13 Identifying effects of transactions using the accounting equation Lo P1 3 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, poinls Ming Chen (the owner) completed these transactions. a. Owner invested $59000 cash In the company along with equipment that had a $13000 market value. b. The company paid $2,300 cash for rent of ofce space for the month. El 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 $2,700 cash earned. e. The company completed work for a client and sent a bill for $8,500 to be received within 30 days. iii f. The company purchased additional equipment for $6,500 cash. Relerences g. The company paid an assistant $3,000 cash as wages for the month. h. The company collected $4,700 cash as a partiai payment for the amount owed by the client In transaction 9, I. The company paid $11,000 cash to settle the liability created In transaction c. J. Owner withdrew $1,700 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.) Sav- & Exit Submit Check my work a. S 59,000 + 1- 5 13,000 = + - + - b. + + . g + - + - 'aai. 59000 + 0 + ""mi'h'd'd = o + o - 0 + 0 - 0 c, + + = + - + - Bal. 59,000 + 0 1- 13,000 = 0 + 0 - 0 + 0 - 0 d, + 1 = e - + - Bal. 59,000 + o + 13,000 = 0 v 0 - 0 + 0 - 0 v ' t 313,, .<.t hill wk practice: connect knowledge check day i saved help save exit submit my work assets="Liabilities" equity cash accounts equipment="Accounts" m. chen receivable payable revenues capital withdrawals expenses points a. b. bal. ebook bal references g. h . mc graw prev. of next> Hill