Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez Invested $60,000 cash and equipment valued at $32,000 in the company in exchange for its common stock. b. The company purchased a building for $41,000 cash. c. The company purchased equipment for $5,000 cash. d. The company purchased $3,900 of supplies and $1,500 of equipment on credit. e. The company paid $840 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,300 for the service. g. The company designed a financial plan for another client and Immediately collected a $8,000 cash fee. h. The company paid $1,500 cash in dividends to the owner (sole shareholder). 1. The company received $3,300 cash as partial payment from the client described in transaction f. J. The company made a partial payment of $750 cash on the equipment purchased in transaction d. k. The company paid $1,600 cash for the secretary's 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. Complete this question by entering your answers in the tabs below. Answer is not complete. Required 1 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.) Cash Accounts Receivable Assets Supplies Equipment Building Liabilities Accounts Payable Equity Common Stock Dividends Revenues Expenses a. $ 60,000 $ 32,000 + $ 92,000 + b. (41,000) + + + 41,000 = 92,000 Balance after a and 19,000 + 0 0 + 32,000 + 41,000 |= 0 + 184,000 0 + 0 - 0 b C. (5,000) + (5,000) + = Balance after c 14,000 + 0 (5,000) + 32,000 + 41,000 |= 0 + 184,000 0 + 0 0 d. + 3,900 + 1,500+ = + + Balance after d 14,000 + 0 + (1,100) |+ 33,500 + 41,000 |= 0 + 184,000 0 + 0 - 0 e. + + + + + Balance after e 14,000 + 0 (1,100) |+ 33,500 + 41,000 = 0 + 184,000 0 0 0 f. + = + + Balance after f 14,000 0 + (1,100) + 33,500 41,000 = 0 184,000 0 0 0 g- + + + |+ = + + - Balance after g 14,000 + 0 h. + Balance after h 14,000 0 (1,100) (1,100) + 33,500 |+ 41,000 = 0 + 184,000 0 + 0 0 - - + + + - 33,500 + 41,000 = 0 184,000 0 0 0 = Balance after i 14,000 + 0 (1,100) - 33,500 + 41,000 = 0 + 184,000 0 + 0 0 j. + + + = + + Balance after j 14,000 + 0 + (1,100) - 33,500 + 41,000 = 0 + 184,000 0 + 0 0 + - + + + Balance after k $ 14,000 $ 0 $ (1,100) $ 33,500 $ 41,000 = $ 0 $ 184,000 0 $ 0 $ 0 < Required 1 Required 2 >