1-8A Analyzing effects of transactions LO P1, A1 Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $65,000 cash and office equipment valued at $37,000 in the company. b. The company purchased an office suite for $45,000 cash. c. The company purchased office equipment for $5,600 cash. d. The company purchased $3,800 of office supplies and $1,300 of office equipment on credit. e. The company paid a local newspaper $840 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $4,000 for the service. g. The company designed a financial plan for another client and immediately collected a $8,700 cash fee. h. Lita Lopez withdrew $1,700 cash from the company for personal use. 1. The company received $3,000 cash as partial payment from the client described in transaction f J. The company made a partial payment of $650 cash on the equipment purchased in transaction d k. The company paid $2,000 cash for the office secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) a b. Bal Cash Accounts Receivable Assots Office Office Liabilities Accounts Equity Supplies Equipment OfficeSuite Payable L. Lopez, Capital L. Lopez. - Withdrawals + Revenue . . + Assets Accounts Office Cash Receivable + Supplies a + . b. Bal. Liabilities Equity Office Accounts L. Lopez, L Lopez, Equipment Office Suite Payable + Capital Withdrawals + + + + + = . + + a. Bal. + + . + = d. + + Bal . + = + + e. + + = . Bal. + + + + f + + + Bal. + + + 9. + . + Bal. h + + = + + = Bal + i. Bal. J Bal. k Bal. + + + + + Revenue ants able Assets Office + Supplies + + + + + . Liabilities Equity Office Accounts L. Lopez, L. Lopez, + Equipment + OfficeSuite Payable Capital Withdrawals + Revenues Expenses + + 4 + + + + + + . + = = + + + " . + = . + + + + . + => + + . . + + + + . + 2. Determine the company's net income. Net income