Business, 22.09.2020 21:01 brinleychristofferse

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. Owner invested $66,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. The company paid $1,800 cash for rent of office space for the month. The company purchased $15,000 of additional equipment on credit (payment due within 30 days). The company completed work for a client and immediately collected the $2,500 cash earned. The company completed work for a client and sent a bill for $8,700 to be received within 30 days. The company purchased additional equipment for $6,400 cash. The company paid an assistant $3,900 cash as wages for the month. The company collected $4,800 cash as a partial payment for the amount owed by the client in transaction e. The company paid $15,000 cash to settle the liability created in transaction c. The company paid $1,500 cash in dividends to the owner (sole shareholder).

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