Reference no: EM132843916

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.

1. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock.
2. The company paid $2,300 cash for rent of office space for the month.
3. The company purchased $11,000 of additional equipment on credit (payment due within 30 days).
4. The company completed work for a client and immediately collected the $2,700 cash earned.
5. The company completed work for a client and sent a bill for $8,500 to be received within 30 days.
6. The company purchased additional equipment for $6,500 cash.
7. The company paid an assistant $3,000 cash as wages for the month.
8. The company collected $4,700 cash as a partial payment for the amount owed by the client in transaction e.
9. The company paid $11,000 cash to settle the liability created in transaction c.
10. The company paid $1,700 cash in dividends to the owner (sole shareholder).

Required:

Problem 1: Enter the impact of each transaction on individual items of the accounting equation.