Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. Lita Lopez invested $62,000 cash and equipment valued at $36,000 in the company in exchange for its common stock. The company purchased a building for $49,000 cash. The company purchased equipment for $5,800 cash. The company purchased $3,200 of supplies and $1,300 of equipment on credit. The company paid $980 cash for advertising expenses. The company completed a financial plan for a client and billed that client $4,300 for the service. The company designed a financial plan for another client and immediately collected a $8,300 cash fee. The company paid $1,700 cash in dividends to the owner (sole shareholder). The company received $3,300 cash as partial payment from the client described in transaction f. The company made a partial payment of $650 cash on the equipment purchased in transaction d. The company paid $2,300 cash for the secretarys 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.

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Homework: Accounting in Business Problems Assignm,.. Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 3.16 points 8 02:06:48 Return to