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 $37,000 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 $3,900 of supplies and $1,500 of equipment on credit. The company paid $860 cash for advertising expenses. The company completed a financial plan for a client and billed that client $4,400 for the service. The company designed a financial plan for another client and immediately collected a $8,500 cash fee. The company paid $1,100 cash in dividends to the owner (sole shareholder). The company received $3,400 cash as partial payment from the client described in transaction f. The company made a partial payment of $750 cash on the equipment purchased in transaction d. The company paid $2,000 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.

a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e f. Balance after f g. Balance after g h. Balance after h i. Balance after i j. Balance after j k. Balance after k $ $ Cash 70,000 + (49,000) + 21,000 + (5,800) + 15,200 + 0 + 15,200 + (860) + 14,340 + 0 + 14,340 + 8,500 + 22,840 + (1,100) + 21,740 + 3,400 + 25,140 + (750) + 24,390 + (2,000) + 22,390 + Accounts Receivable $ + Supplies + Equipment + Building $ 37,000 + + 0 + 0 + 3,900 + 3,900 + 3,900 + 7,800 + + 7,800 + + 7,800 + + 7,800 + + 7,800 + + 7,800 + + 7,800 + + Assets 7,800 + $ ++ 37,000 + + 37,000 + + 37,000 + + 37,000 + + 37,000 + + 37,000 + ++ 37,000 + + 37,000 + ++ 37,000 + ++ 37,000 + $ + 0 + + 0 + 0 + 0 + + 0 + + 0 + + + 0 + + 0 + + 0 + + 0 + + + $ = 0 = 0 = = 0 = 0 = 0 = = 0 = = 0 = = = = = 0 = = 0 = 0 = = = Liabilities Accounts Payable $ + + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + Common Stock $ 0 0 0 0 0 0 0 0 0 0 - - - - Equity Dividends + Revenues $ ++ 0 + +++ 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + ++ 0 + $ 0 0 0 0 0 0 0 0 0 0 - - Expenses $ 0 0 0 0 0 0 0 0 0 0