4 01:14:13 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 equipment valued at $32,000 in the company. b. The company purchased a building for $48,000 cash. c. The company purchased equipment for $5,200 cash. d. The company purchased $3,400 of supplies and $1,900 of equipment on credit. e. The company paid $830 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,700 for the service. g. The company designed a financial plan for another client and immediately collected a $8,600 cash fee. h. L. Lopez withdrew $1,600 cash from the company for personal use. 1. The company received $3,700 cash as partial payment from the client described in transaction f. J. The company made a partial payment of $950 cash on the equipment purchased in transaction d. k. The company paid $2,100 cash for the secretary's wages for this period. Required: 1. Enter the amount of each transaction on Individual items of the accounting equation. 2. Determine the company's net Income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the company's net income. Net income 4 01:15:54 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 equipment valued at $32,000 in the company. b. The company purchased a building for $48,000 cash. c. The company purchased equipment for $5,200 cash. d. The company purchased $3,400 of supplies and $1,900 of equipment on credit. e. The company paid $830 cash for advertising expenses. 1. The company completed a financial plan for a client and billed that client $4,700 for the service. g. The company designed a financial plan for another client and immediately collected a $8,600 cash fee. h. L. Lopez withdrew $1,600 cash from the company for personal use. 1. The company received $3,700 cash as partial payment from the client described in transaction f. J. The company made a partial payment of $950 cash on the equipment purchased in transaction d. k. The company paid $2,100 cash for the secretary's wages for this period. Required: 1. Enter the amount of each transaction on Individual items of the accounting equation. 2. Determine the company's net income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) Assets Liabilities Equity Cash + Accounts Receivable Supplies + Equipment + Building Accounts Payable L. Lopez, Capital L. Lopez, Withdrawals + a. + + b. + + + + Balance after a and b 0 + 0 + 0 + 0 + C. + + + Balance after c 0 + 0 + 0 + 0 + d. + + + Balance after d 0 + 0 + 0 + 0 + + + + Balance after e 0 + 0 + 0 + 0 + f. + + + Balance after f 0 + 0 + 0 + 0 + + + 9- + + Balance after g 0 + 0 + 0 + 0 + |h. + + + Balance after h 0 + 0 + 0 + 0 + i. + + + Balance after i 0 + 0 + 0 + + + + + + 0 + + 0 + + 0 + + 0 + + 0+ + 0 + + 0 + + 0 + = = 0 = = 0 = = 0 = = 0 = = 0 = = 0 = = 0 = = 0 = + + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + ol- 0 0 - 0 - 0 0 0 - - 0 0 0 Revenues 0 ol- 0 0 0 0 0 0 0 - |- Expenses 0 0 0 0 0 0 0 0