Answer Happy

Ming Chen started a business and had the following transactions in June. a. Owner invested $67,000 cash in the company along with $17,000 of equipment in exchange for its common stock. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $17,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected $2,200 cash. e. The company completed work for a client and sent a bill for $8,900 to be received within 30 days. f. The company purchased additional equipment for $5,600 cash. g. The company paid an assistant $3,200 cash as wages for the month. h. The company collected $5,800 cash as a partial payment for the amount owed by the client in transaction e i. The company paid $17,000 cash to settle the liability created in transaction c. j. The company paid $1,400 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. (Enter decreases to account balances with a minus sign.) Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable Common Stock Dividends Revenues Expenses a + + 14 + + Balance after a and b 0 0 + 0 0 0 0 + 0 0 + + Balance after c 0 0 0+ 0 ON + 0 0 d th + Balance after d 0 + 0 + 0 0 0 0 + 0 0 e. + + + + Balance after e 0 + 0 + 0 0 + 0 0 + 0 0 1. + + + Balance after i 0 + 0 + 0 0 + 0 0 + 0 0 9. + + + Balance after g + 0 + 0 0 + 0 0 + 0 0 h + + Balance after h O + 0 + 0 0 + 0 0 T 0 0 i. 1 + + Balance after i 0 0 + 0 0 + 0 0 + O 0 - + + li Balance after j + 0 + S 0 + $ 0 $ 0 + $ 0 $ + $ 0 8 0