Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company. b. The company purchased an office suite for $40,000 cash. c. The company purchased office equipment for $15,000 cash. d. The company purchased $1,200 of office supplies and $1,700 of office equipment on credit. e. The company paid a local newspaper $500 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and bilfed that client $2,800 for the service, g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. h. Lita Lopez withdrew $3,275 cash from the company for personal use. 1. The company received $1,800 cash as partial payment from the client described in transaction f. 3. The company made a partial payment of $700 cash on the equipment purchased in transaction d. k. The company paid $1,800 cash for the office secretary's wages for this period Required: 1. 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 Office Supplies Accounts Receivable Liabilities Accounts Payable Office Equipment Cash Equity L. Lopez Revenues Withdrawals Office Suite L. Lopez, Capital + On October 1, Ebony Erst organized Ernst Consulting, on October 3, the owner contributed $84,310 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land Office equipment Accounts payable Owner investments $10,200 14,310 3,550 45,990 18,310 8,740 84,310 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,340 14,310 3,910 7,350 790 610 Using the above information prepare an October 31 balance sheet for Ernst Consulting $ ERNST CONSULTING Balance Sheet As of October 31 Liabilities 10.200 Accounts payable 15200 3.550 18,310 Equity 45,990 $ Assets Cash Accounts receivable Office supplies Office equipment Land 8,740 8,740