Ming Chen started a business and had the following transactions in June. Owner invested $60,000 cash in the company along with $15,000 of equipment.
The company paid $1,500 cash for rent of office space for the month.
The company purchased $10,000 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 $8,000 to be received within 30 days.
The company purchased additional equipment for $6,000 cash.
The company paid an assistant $3,000 cash as wages for the month.
The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e.
The company paid $10,000 cash to settle the liability created in transaction c.
The owner withdrew $1,000 cash from the company for personal use.