Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $65,000 cash and office equipment valued at $31,000 in the company. b. The company purchased an office suite for $41,000 cash. c. The company purchased office equipment for $5,900 cash. d. The company purchased $3,500 of office supplies and $1,800 of office equipment on credit. e. The company paid a local newspaper $820 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $4,200 for the service. g. The company designed a financial plan for another client and immediately collected a $8,200 cash fee. h. Lita Lopez withdrew $1,200 cash from the company for personal use. I. The company received $3,200 cash as partial payment from the client described in transaction f. J. The company made a partial payment of $900 cash on the equipment purchased in transaction d. k. The company paid $1,500 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.) Accounts Assets Office Cash + Receivable + Supplies Office Equipment Liabilities Accounts Equity a. $ 65,000 + $ 0 + $ 0+ $ b. (41,000) + 0 + 0+ 31,000+ 0+ Office Suite $ Payable L. Lopez, Capital L. Lopez, Withdrawals + Revenues Expenses 0 = $ 0+ $ 96,000 $ 0 + $ 0 $ 0 Bal. 24,000+ 0 + 0 + 31,000+ 41,000 = 41,000 = 0+ 0 0 + 0 - 0 0+ 96,000 0 + 0 0 C. (5,900) + 0 + 0+ 5,900 + Bal. 18,100 + 0 + 0 + d. 0+ 0 + 3,500+ Bal. 18,100 + 0 + 3,500+ 36,900 + 1,800+ 38,700+ 0 = 41,000 = 0 = 0 + 0 0 + 0 0 0+ 96,000 0 + 0 0 41,000 = e. (820) + 0 + 0 + Bal. 17,280 + 0 + f. 0 + 4,200 + 3,500+ 0 + 0 + 38,700 + 0+ Bal. 17,280 + 4,200 + g. 8,200+ 0 + Bal. 25,480 + 4,200 + 3,500+ 0+ 3,500+ 38,700+ 0+ h. (1,200) + 0 + Bal. 24,280+ i. 3,200+ Bal. 27,480 + 4,200 + (3,200) + 1,000 + 0+ 3,500+ 0 + 3,500 + 38,700+ 0+ 38,700+ 01 = 41,000 = 0 = 41,000 = 0 = 41,000 = 5,300 + 5,300 + 0 + 5,300+ 0+ 0 0 + 0 0 96,000 - 0 + 0 - 0 0 0 + - 820 96,000 0 + 0 820 0 0 + 4,200 0 5,300+ 0+ 5,300+ 96,000 - 0 + 4,200 820 0 0 + 8,200 0 96,000 - 0 + 12,400 820 0+ 38,700+ 0 = 41,000 = 01 = 41,000 = 0+ 0 - 1,200 + 5,300 + 96,000 1,200 + 12,400 820 j. (900) + 0 + Bal. 26,580 + k. (1,500) + Bal. $ 25,080 + $ 1,000 + 0 + 1,000 + $ 0 3,500+ 0 + 3,500+ + 0 + 0 = 38,700+ 0+ 41,000 = 0] = $ 38,700+ $ 41,000 = $ 0+ 5,300+ (900) + 4,400 + 0+ 4,400 + 0 0 + 0 0 96,000 - 1,200+ 12,400 820 0 0 + 0 0 96,000 - 1,200 + 12,400 820 0 - $ 96,000 $ 0 + 1,200 + 0 - 1,500 $ 12,400 - $ 2,320 2. Determine the company's net income. Net income