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 $40,000 in the company in exchange for its common stock. b. The company purchased an office suite for $46,000 cash. c. The company purchased office equipment for $5,800 cash. d. The company purchased $3,300 of office supplies and $1,500 of office equipment on credit. e. The company paid a local newspaper $990 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $4,600 for the service. g. The company designed a financial plan for another client and immediately collected a $8,800 cash fee. h. The company paid $1,400 cash in dividends to the owner (sole shareholder). i. The company received $3,600 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $750 cash on the equipment purchased in transaction d. k. The company paid $2,400 cash for the office secretary's wages for this period. 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.) Equity Assets Office Supplies Office Equipment Liabilities Accounts Payable Common Stock + Office Suite + - Dividends Revenues Expenses a. S Accounts Cash + Receivable 65,000 + 46,000 + 111,000+ 0 + b. - + Bal. 0 + 01 + 0 = 0 + 0 - 0 + 0 - 0 C. + Bal. 111,000 + 0 + 0 + 0 + 0 = 0 + 0 - 0 + 0 - 0 d. + + - = 0 = Bal. 111,000 + 0 + 0 + 0 + 0 + 0 - 0 + 0 0 + e. + Bal. 111,000 + 0 + 0 + 0 + 01 = 0 + 0 - 0 + 0 - 0 f. + + + + Bal. 111,000 + 0 + 0 + 0 + 01 = 01 + 0 - 0 + 0 - 0 + + + + g. Bal. 111,000+ 0 + 0 + 0 01 = 0 + 0 - 0 + 0 - 0 h. + Bal. 111.000 + 01 + 0 + 0 + 0] = 01 + 0 - 0 + 01 - 0 i. + Bal. 111,000 + 0 + 0 + 0 + 0 = 01 + 0 - 0 + 0 - 0 + + + + j. Bal. 111,000 + 0 + 01 + ol + 0 = ol + 0- 0 + 0 0 k. + + + Bal $ 111,000 $ 01 + $ 0 $ 01 + $ 0 = $ 0 + $ 0 - $ 01 + S 0- S 3. Determine the company's net income Net income $ 10.830