Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations

a. Lita Lopez invested $64.000 cash and office equipment valued at $35,000 in the company in exchange for its common stock.

b. The company purchased an office suite for $40,000 cash.

c. The company purchased office equipment for $5,400 cash

d. The company purchased $3,900 of office supplies and $2,000 of office equipment on credit.

e. The company paid a local newspaper $940 cash for printing an announcement of the office's opening.

f. The company completed a financial plan for a client and billed that client $4,400 for the service.

g. The company designed a financial plan for another client and immediately collected a $8100 cash fee.

h. The company paid $1200 cash in dividends to the owners (sole shareholder).

i. The company received $3400 cash as a partial payment from a client described in transaction F.

j. The company made a partial payment of $1000 cash on the equipment purchased and transaction D

k. The company paid $1600 cash for the office secretarys wages for this period.

1. Enter the amount of each transaction on individual items of the accounting equation

2. Determine the company's net income .

Homework (1) Saved Help Save & Exit Submit Check my work Cash Accounts Receivable Umce Supplies UTICO Equipment Office Suite = Accounts Payable common Stock Dividends Revenues Expenses a S + S 35,000 $ 99,000 - b + + Bal. 84,000+ (40,000) + 24,000 + 15.400) 18.600 - 0 40.000 - 40,000 - 0 + 0 + 99.000 - O + 0 0 + IIIII + Bal 35,000 - 5.4001 - 40400 + 2,000 42.400 + 0 - 40,000 O 99,000 o + 0 0 d 3,900 + 3,900 - + Bal 10 5.900 5.900 - 40,000 - 99,000 0 + 0 0 e 18,000 (940) 17,660 + + . . 940 Bal + 3,900 + 42.400 40.000- 5.900 99.000 - 0 + 0 940 + 0 4,400 + 4.400 - . 3.500 + Bal 9 42.400 + 40.000 5.900 99.000 - 0 + 140 . . + 0 - 8,100 - 8.100 - 4,400 3.000 Bal h 42.400 40.000 5,900 - 99,000 - 0 940 + . . . Bal 3.900 42400 40,000 5,900 - 00066 1.2001 1.200 8,100 - 940 1 17,660 + 8,100 25,750 + (1.200) - 24,500 3,400 27.950 + (1,000) 20,000 + (1.600) + 25.360 - 4.400 (3,400) 1,000+ . - Bal . 005 C 42.400 40.000 99.000 - 1.200 8,100 - 940 1 . 5.000 - (1.000) 4,900 + . Bal 1,000 3,900 42.400 40,000 99.000 - 1.200 8.100 - K . . . + . 940 1,600 2.540 Bal $ $ 1,000+ $ 3,900 + $ 42.400 + $ 40.000 $ 4,900 + $ 99,000 $ 1.200 - $ 3.100- $ Required 1 Required 2 > 27 tv ))) A 9 i MacBook Air