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

1. Lita Lopez invested $65,000 cash and office equipment valued at $33,000 in the company in exchange for its common stock.
2. The company purchased an office suite for $44,000 cash.
3. The company purchased office equipment for $5,600 cash.
4. The company purchased $3,500 of office supplies and $1,900 of office equipment on credit.
5. The company paid a local newspaper $800 cash for printing an announcement of the offices opening.
6. The company completed a financial plan for a client and billed that client $4,600 for the service.
7. The company designed a financial plan for another client and immediately collected a $8,900 cash fee.
8. The company paid $1,600 cash in dividends to the owner (sole shareholder).
9. The company received $3,600 cash as partial payment from the client described in transaction f.
10. The company made a partial payment of $950 cash on the equipment purchased in transaction d.
11. The company paid $1,800 cash for the office 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.

Required i 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.) Assets Liabilities Equity Cash + Accounts Receivable Office Supplies Office Equipment + Office Suite = Accounts Payable Common Stock Dividends + Revenues Expenses Joints eBook Print OLARLAR.HR Required 1 Required 2 >