Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations Lita Lopez invested $62,000 cash and office equipment valued at $39,000 in the company The company purchased an office suite for $48,000 cash The company purchased office equipment for $5,100 cash The company purchased $3,700 of office supplies and $1,400 of office equipment on credit The company paid a local newspaper $920 cash for printing an announcement of the offices opening The company completed a financial plan for a client and billed that client $4,800 for the service The company designed a financial plan for another client and immediately collected a $8,600 cash fee Lita Lopez withdrew $1,300 cash from the company for personal use The company received $3,800 cash as partial payment from the client described in transaction f The company made a partial payment of $700 cash on the equipment purchased in transaction d The company paid $1,500 cash for the office secretarys 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 ) 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 Office Equipment Liabilities Accounts Payable L Lopez Capital Equity L Lopez Withdrawals Revenues Office Suite Expenses Cash S 62 000 a b Bal 62,000 48,000 48,000 0 0 0 0 0 0 0 c Bal 62,000 0 0 5 100 5 100 1 400 6,500 48,000 0 0 0 0 0 d 0 3 700 3,700 Bal 62 000 0 48,000 0 0 0 0 0 62 000 920 920 3 700 6,500 48,000 0 0 0 0 Bal f 0 4,800 4800 Bal 3,700 8 500 48,000 0 0 0 0 920 62 000 8,6001 70,600 9 Bal 4 800 3 700 6 500 48,000 0 0 0 0 920 1,300 1,300 4 800 3,700 6,500 48,000 0 0 0 920 h Bal i Bal 4 800 3,700 6,500 48,000 01 01 1,300 01 920 70 600 3 800 74 400 700 75 100 1,500 78,600 4 800 3,700 6,500 48,000 01 0 1 300 0 920 Bal k Bal $ $ 4 800 S 3,700 $ 6,500 $ 48,000 $ 0 $ 0 S 1,300 $ 0 $ 920 2 Determine the company's net income Net income

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Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. Lita Lopez invested $62,000 cash and

Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.

Lita Lopez invested $62,000 cash and office equipment valued at $39,000 in the company.
The company purchased an office suite for $48,000 cash.
The company purchased office equipment for $5,100 cash.
The company purchased $3,700 of office supplies and $1,400 of office equipment on credit.
The company paid a local newspaper $920 cash for printing an announcement of the offices opening.
The company completed a financial plan for a client and billed that client $4,800 for the service.
The company designed a financial plan for another client and immediately collected a $8,600 cash fee.
Lita Lopez withdrew $1,300 cash from the company for personal use.
The company received $3,800 cash as partial payment from the client described in transaction f.
The company made a partial payment of $700 cash on the equipment purchased in transaction d.
The company paid $1,500 cash for the office secretarys 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.)

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 Office Equipment Liabilities Accounts Payable L. Lopez Capital Equity L. Lopez Withdrawals + Revenues + + + + Office Suite = + Expenses Cash S 62.000 a. + - + + - - + b. Bal 62,000 48,000/= 48,000 = 0 + 0 + - 0 - 0 0 + 0 0 + - - c. Bal 62,000 0 + 0 5.100 5.100 1.400 + 6,500 48,000 = 0 0 0 + 0 0 d. 0 + 3.700 3,700 + + = - + Bal 62.000 + 0 + 48,000 = 0 - 0 0 0 0 + - - + 62.000 - 920 920 3.700 + 6,500 48,000 = 0 - 0 0 + 0 Bal f. 0 + 4,800 + 4800 + - Bal. 3,700 8.500 - 48,000 = 0 0 0 0 920 + 62.000 + 8,6001 - 70,600+ + - - - 9 Bal + 4.800 + 3.700 + 6.500 + 48,000 = 0 - 0 0 + 0 920 + - - 1,300 + 1,300 + 4.800 + 3,700 6,500+ 48,000/= 0 - 0 0 920 h. Bal i. Bal + - = + 4.800 + 3,700 + 6,500+ 48,000 = 01 - 01 - 1,300 + 01 - 920 70.600 3.800 74.400 700 + 75.100 1,500 + 78,600+ + 4.800 + 3,700 6,500 48,000 = 01 + 0 - 1.300 + 0 920 Bal. k. Bal - - $ $ 4.800 + S 3,700 + $ 6,500 $ 48,000/= $ 0 - $ 0 - S 1,300 + $ 0 $ 920 2 Determine the company's net income. Net income