QuestionExercise 1-15 (Algo) Identifying effects of transactions using the accounting equation LO P1
Ming Chen started a business and had the following transactions in June. a. Owner Invested $\$ 66,000$ cash in the company along with $\$ 10,000$ of equipment in exchange for its common stock. b. The company paid $\$ 1,100$ 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 cllent and immediately collected $\$ 1,700$ cash. e. The company completed work for a client and sent a bill for $\$ 8,200$ to be recelved within 30 days. f. The company purchased additional equipment for $\$ 6,300$ cash. g. The company paid an assistant $\$ 2,900$ 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.
1. The company pald $\$ 10,000$ cash to settle the liability created in transaction $c$. J. The company paid $\$ 1,200$ cash in dividends to the owner (sole shareholder)
Required: Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Show new balances after each transaction. Note: Enter decreases to account balances with a minus sign.