Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $68,000 cash and office equipment valued at $33,000 in the company in exchange for its common stock. b. The company purchased an office suite for $42,000 cash. c. The company purchased office equipment for $5,300 cash. d. The company purchased $3,500 of office supplies and $1,700 of office equipment on credit. e. The company paid a local newspaper $990 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $4,600 for the service. g. The company designed a financial plan for another client and immediately collected a $8,500 cash fee. h. The company paid $1,800 cash in dividends to the owner (sole shareholder). i. The company received $3,600 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $850 cash on the equipment purchased in transaction d. k. The company paid $2,200 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. (Enter decreases to account balance with a minus sign.) 2. Determine the company's net income. 1. Assets Office Supplies Accounts Receivable Liabilities Accounts Payable Cash Equity Dividends Revenues + Office Equipment + + OfficeSuite = + Common Stock + Expenses a. + + + + = + + + b. + + + + = + + Bal. 01 + 0 + 0 + 0 + 0 = 0 + 01 - 0 + 0 - 0 + + + = + - + c. Bal. + 0 + 01 + 0 + 0 + 0 = 0 0 + 0 - 0 0 + + d. + + + + = + Bal. ol + 0 + 0 + 0 + 0 = 0 + 0 - 0 + 0 - 0 e + + + + + + Bal 0 + 0 + 0 + 0 + 0 = 0 + 0 - 0 + 0 0 Equity 1. Assets Office Supplies Accounts Receivable Cash Liabilities Accounts Payable Office Equipment + + Office Suite + Common Stock Dividends + Revenues Expenses a + + + + + + b + + + + + + - + Bal. 0 + 0 + 0 + 0 + 0 = 0 + 0 - 0 + 0 - 0 C. + + + + + = + + Bal. 0 + 0 + 0 + 0 + = 0 0 + 0 - +10 -10 0 d. + + + + + = + + Bal. 0 0 + + 0 0 + + 0 0 = 0 + 0 - + 10 0 0 e + + + + + + Bal. + 0 0 + 0 + 0 0 + 0 = 0 + 0 0 + 0 0 + + + + + + f. f. Bal. . + 0 0 + 0 + + 0 = 0 0 + 0 - + 10 0 - 0 + + + + + + + g Bal 0 + 0 + 0 + 0 + 0 = 0 + - 0 0 + 0 0 h. + + + + + + Bal. 0 + 0 + 0 + + 0 0 = 0 + 0. + 10 0 - 0 i. + + + + + = + + Bal. 0 + 0 + + 0 0 + 01 = 0 + 0 - 0 + 0 - 0 0 + + + + + + + j. Bal. 0 + 0 + + 0 0 + 0 = 0 + 0 - + 10 0 0 k. + + + + + + + Bal. $ + 0 $ + 0 $ 0 + S + 0 $ 0 0 = $ 0 + $ 0 0 - $ 0 + $ 0 - 0 $ 0 2. Net income