Question
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. Lita Lopez invested $70,000 cash and
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. Lita Lopez invested $70,000 cash and equipment valued at $10,000 in the company in exchange for its common stock. The company purchased a building for $40,000 cash. The company purchased equipment for $15,000 cash. The company purchased $1,200 of supplies and $1,700 of equipment on credit. The company paid $500 cash for advertising expenses. The company completed a financial plan for a client and billed that client $2,800 for the service. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. The company paid $3,275 cash in dividends to the owner (sole shareholder). The company received $1,800 cash as partial payment from the client described in transaction f. The company made a partial payment of $700 cash on the equipment purchased in transaction d. The company paid $1,800 cash for the secretary's wages for this period. Required: Enter the amount of each transaction on individual items of the accounting equation.
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