Reference no: EM133001677

Ming Chen started a business and had the following transactions in June.

• Owner invested $59,000 cash in the company along with $16,000 of equipment in exchange for its common stock.
• The company paid $2,500 cash for rent of office space for the month.
• The company purchased $17,000 of additional equipment on credit (payment due within 30 days).
• The company completed work for a client and immediately collected $2,500 cash.
• The company completed work for a client and sent a bill for $7,300 to be received within 30 days.
• The company purchased additional equipment for $5,900 cash.
• The company paid an assistant $3,500 cash as wages for the month.
• The company collected $4,600 cash as a partial payment for the amount owed by the client in transaction e.
• The company paid $17,000 cash to settle the liability created in transaction c.
• The company paid $1,100 cash in dividends to the owner (sole shareholder).

Required:

Problem 1: 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.