Exercise 1-15 Identifying effects of transactions using the accounting equation P1 Ming Chen started a...
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Accounting
Exercise 1-15 Identifying effects of transactions using the accounting equation P1 Ming Chen started a business and had the following transactions in June. Create the following table similar to $ Exhibit 1.9 and use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Show new balances after each transaction. sset: = Liabilities + Equity Cash + Accounts Recelvable + Equipment = Accounts Payable + M. Chen, Capital M. Chen, Withdrawais , Revenues - Expenses a. Owner invested $60,000 cash in the company along with $15,000 of equipment. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit
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