Answered step by step
Verified Expert Solution
Question
1 Approved Answer
also net income plz Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with
also net income plz
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 + Revenues Expenses a S + S 31,000+ + + + + + b Balance after a and b + + 60,000 + (44,000) + 16,000 + (6.000) + 10,000 + 0 + 0 + 0 = 0 + 0 - 0 + 0 - 0 c + + Balance after c 0 + 31000 + 3,300 + 34,300 + 3,300 + 37,600 + 1.300 + 1.300 + 0 = 0 - 0 + 01 - 0 d + + + + - Balance after d 0 + 1 300 + 0 = 0 - 0 + 0 - 0 . 10,000+ (870) + 9,130 + + + + 0 + 1,300 + 1,300 + + 1,300 + + 1,300 + - + - 870 Balance after e 37,600 + 1,300 + 0 = 0- 0 + 0 - 870 f 0 + 4,700 + 4,700 + + 4,700 4,700 - Balance after f 37,600 + 1.300 + 0 = 0 - 0 + 870 g + + + + 8.800 Balance after g 4,700 + 37,600 + 1,300 + 0 = 1,300 + 0 - 0 + 13,500 870 h + + Balance after h 37,600 + 1.300 + 0 = 1,300 + 0 (1 800) (1.800) + + 13,500 - 870 4,700 + (3,700) + 1,000 + + 9 130 + 8,800 + 17,930 + (1,800)) + 16,130 + 3,700 + 19,830 + (650) + 19,180 + 1,500 + 20,680 + + Balance afteri 37,600 + 1,300 + 0 = 0 - (1,800) + 13,500 870 + + + 1,300 + (650) + 650 + + 1,000 + + 1,300 0 37,600 + 0 = (1 800) + 13,500 - 870 li Balance after j k Balance afterk + + + + + (1,500) (630) S $ 1,000+ S 37,600 + $ 1,300 + $ 0 = $ $ $ 650 + (1 800) + $ 13,500 Required Required 2 > Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $60,000 cash and equipment valued at $31,000 in the company. b. The company purchased a building for $44,000 cash. c. The company purchased equipment for $6,000 cash. d. The company purchased $3,300 of supplies and $1,300 of equipment on credit. e. The company paid $870 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 $8,800 cash fee. h. L. Lopez withdrew $1,800 cash from the company for personal use. i. The company received $3,700 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 $1,500 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 incomeStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started