Expenses is the last column. Also, calculate net income its for required 2.
4. Award: 8.00 points 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 $36,000 in the company in exchange for its common stock. b. The company purchased a building for $47.000 cash. c. The company purchased equipment for $5,300 cash. d. The company purchased $3,900 of supplies and 51,100 of equipment on credit e. The company paid $920 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 58,900 cash fee. h. The company paid $1,400 cash in dividends to the owner (sole shareholder). I. The company received $3,700 cash as partial payment from the client described in transaction 1. 1. The company made a partial payment of $550 cash on the equipment purchased in transaction d. k. The company paid $1,900 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 Common Stock Dividends + Revenues Expo a. S + S 36,000+ + $ 101,000 + 47.000 b Bal. 65,000 + (47000) + ) + 18,000 + (5300) + 12.700 + 0 + 0 + 47.000 = O + 101,000 - 0 0 38,000 + 5.300 + 41.300 + 1,100+ Bal. 01 + + 47.000 = 101.000 - 0. 0 + a + 3,900 + 3,9004 + + + nl + + 5,000 + 5,000 + d. Bal. . 0 + 42.400 + 47.000- 101,000 - a- 0 - + e. + + + + - - 12,700 + 1920) + 11.780 + + Bal 0 - 42,400 + 47000 5.000 + 101.000 - 0 - 0 0 - f. 4,700 + 3,900 + + 3,900 + + + 5,000 + Bal 4.700 42,400+ 47 000 101.000 - 9. + 0 - + 01. 0 1.4001 - 0 8,900 8,900 Bal. 4.700 + 3,900 42.400 47.000- 5.000 4 101.000 - h. + Bal. 3,900 + 42.400 + 47.000 = 5,000 + 101.000 - 1.400 + 8,900 i. 11,780 + 8,900 + 20,680 (1,400) + 19,280+ 3,700 + 22,980 + (550) + 22,430 + (1.900) 20,530 + S 4,700 (3.700) - 1,000+ + = + 3,900 + Bal. 42,400 47.000) = 101,000 - 1.400 - 8,900 (. j Bal. 5,000 + (550) + 4,450 + 1,000+ 3,900 + 42.400 + 47.000) = 101.000 - 1,400 - 8,900 + + k. Bal. $ 1,000+ $ 3,900 + $ 42,400 + S 47.000 = $ 4,450 + $ 101.000 - S 1,400 - $ 8,900 $ Required Required 2 References
