Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. common stock. a. Lite Lopez invested $62,000 cash and equipment valued at $36,000 in the company in exchange for its b. The company purchased a building for $48,000 cash. c. The company purchased equipment for $5,100 cash. d. The company purchased $4,000 of supplies and $1,500 of equipment on credit e. The company paid $870 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,300 for the service. 9. The company designed a financial plan for another client and immediately collected a $8,400 cash fee. h. The company paid $1,800 cash in dividends to the owner (sole shareholder). 1. The company received $3,300 cash as partial payment from the client described in transaction J. The company made a partial payment of $750 cash on the equipment purchased in transaction d. k. The company paid $2,000 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. 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 Assets Liabilities Assets Liabilities Dlvid Accounts Receivable . Common Stock Supplies Equipment - Accounts Payable Cash Building $ 62.000 . $ 36.000 . b 48,000 48.000 0 + Balance after a and 62,000 - 0. 0. + . + + + + + + + . . C 0 0 + 62,000 48,000 - 36.000 5.100 41,100 1,500 42.600 0 . Balance after . 0 + 4,000 4,000 . 0. Balance after d 0 48,000 = 0 62.000 - (870) 61,130 + . . 4,000 - 48.000 42,600 0 Balance after e 0- . . . 0 4,300 - 4,300 - . 4,000 - Balance aftert 42.600 0 + 48.000 0- 61.130 - 8.4001 - 69,530 - . . . 4,300 . 4,000 Balance after g 42.600 . 48,000 = O 0 - . . . 4.300 . Balance after h 4,000 + 48,000 42,600 . 0 - 0 . . Balance after i 4,300 - 4,000 48,000- . 0 0 - 69.530 3,300 72,830 - (750) 72.080 - (2.000) 70,080 + . . 42,600 - . 42.600 + 4,300 4,000 48,000 - 0 0 - Balance after k Balance after . $ $ 4,300 $ 4.000 $ 42,600+ $ 48,000 = $ 0. $ 0 $ S Liabilities Equity + + Equipment + - Dividends Building Accounts Payable es Common Stock Revenues Expenses 11 + $ 36,000 + Il + 11 + + + 48,000) = 48,000 = 11 0+ 0 + 0 - 0 0 + 0 36,000 + 5,100 + + H1 + 0 + 41.100 + 48,000 = 0 + 0 0 0 + 0 II II -,000 + + 1,500 + 42,600 + ,000 + 48,000 = 0 + 0 - 0+ 0 0 11 + + + + 870 ,000 + 42,600 + 48,000 = 0 + 0 0 + 0 870 11 + + + ,000 + 42,600 + 48,000 = 0 + 0 0+ 0 - 870 + + + + 000 + 42,600 + 48,000 = 01 + 0 III 0 + 01 - 870 II + + + 1,800 + 1,800 + 000 + 42,600 + 48,000 = 0 + 0 - - 0 - 870 + + + + ,000 + 42,600 + 48,000 = 01 + 0 1,800 + 0 870 11 + + + 000 + 42,600 + 48,000 = 0 + U 1,800 + 1 0 870 - 19 nnni