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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
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 Office Liabilities Accounts Equity Cash + Receivable + Supplies Equipment + OfficeSuite = Payable + L. Lopez, Capital L. Lopez, Withdrawals + Revenues - Expenses a. $ 65,000 + b. Bal. 65,000 + C. Bal. 65,000 + d. Bal. 65,000 + e. Bal. 65,000 + f. Bal. 65,000 + g. Bal. 65,000 + h. Bal. 65,000 + + + + + + i. Bal. 65,000 + j. Bal. k. Bal. $ ++++++++++++++++++++++ + $31,000 + 31,000 + + + + + + + + +++ 31,000 + 31,000 + 31,000 + 31,000 + 31,000 + 31,000 + 65,000 + ++++ 31,000 + 31,000 + + 65,000 + $ 31,000 +
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