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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 $70.000 cash
Lita Lopez started Biz Consulting a new business, and completed the following transactions during its first year of operations a. Lita Lopez invested $70.000 cash and office equipment valued at $10,000 in the company b. The company purchased an office suite for $40,000 cash c. The company purchased office equipment for $15,000 cash d. The company purchased $1200 of office supplies and $1700 of office equipment on credit e. The company paid a local newspaper $500 cash for printing an announcement of the office's opening 1 The company completed a financial plan for a client and billed that client $2.800 for the service 9. The company designed a financial plan for another citent and immediately collected a 54.000 cash fee. n. Lite Lopez withdrew $3.275 cash from the company for personal use. I. The company received $1800 cash as partial payment from the citent described in transaction J. The company made a partial payment or $700 cash on the equipment purchased in transaction k. The company paid $1800 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 Receivable Assets Office Supplies Omice Equipment + Office Suite Account Payable L Lopet Capital Equity Lopet Withdrawal Revenues Expenses - + + O 50.000 - - 40000 30.000 - 15000 16.000 15 000 30.000 - Q- 0- 0 0 - -- D 30.000 - V
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