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. a. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. b. The company pald $2,100 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 clent and Immediately collected the $1,600 cash earned. e. The company completed work for a clent and sent a bill for $9,000 to be recelved within 30 days. f. The company purchased additional equipment for $6,100 cash. g. The company pald an assistant $3,000 cash as wages for the month. h. The company collected $5,300 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. Owner withdrew $1,100 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 mlnus sign.) Assets - Liabilities + Equity Accounts Receivable M. Chen, Withdrawals Accounts + Equipment - M. Chen, Сapital Cash Revenues Expenses Payable b. Bal. O. Bal. d. Bal. Bal. f. Bal. g. Bal. h. Bal. i. Bal. J. Bal.
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. a. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. b. The company pald $2,100 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 clent and Immediately collected the $1,600 cash earned. e. The company completed work for a clent and sent a bill for $9,000 to be recelved within 30 days. f. The company purchased additional equipment for $6,100 cash. g. The company pald an assistant $3,000 cash as wages for the month. h. The company collected $5,300 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. Owner withdrew $1,100 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 mlnus sign.) Assets - Liabilities + Equity Accounts Receivable M. Chen, Withdrawals Accounts + Equipment - M. Chen, Сapital Cash Revenues Expenses Payable b. Bal. O. Bal. d. Bal. Bal. f. Bal. g. Bal. h. Bal. i. Bal. J. Bal.
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 2PA: On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account...
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