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

1. Lita Lopez invested $66,000 cash and office equipment valued at $31,000 in the company in exchange for its common stock.
2. The company purchased an office suite for $49,000 cash.
3. The company purchased office equipment for $5,200 cash.
4. The company purchased $3,900 of office supplies and $1,900 of office equipment on credit.
5. The company paid a local newspaper $880 cash for printing an announcement of the offices opening.
6. The company completed a financial plan for a client and billed that client $4,400 for the service.
7. The company designed a financial plan for another client and immediately collected a $8,200 cash fee.
8. The company paid $900 cash in dividends to the owner (sole shareholder).
9. The company received $3,400 cash as partial payment from the client described in transaction f.
10. The company made a partial payment of $950 cash on the equipment purchased in transaction d.
11. The company paid $2,000 cash for the office secretarys wages for this period.

Equity 1. Assets Office Supplies Accounts Receivable Cash Liabilities Accounts Payable + Office Equipment + Office Suite + Dividends + Revenues Expenses Common Stock $ 31.000 a. + + + + + + b + + + = + + + + 0 + Bal. 0 + 0 + 0 + 0 = 0 + 31,000 0 + 0 0 0 c. + + + + = + + Bal + 10 + 0 0 + 0 + = 0 = 0 + 31,000 0 + 0 0 + + + + + + d. Bal. 01 + 0 + + 10 0 + = 0 + 10 31.000 - 0 + 0 0 + + + + + + = + + Bal. 0 + + 0 + 10 + 10 0 + 10 31.000 0 0 f. + + + + = + 0 + + + 0 + Bal. + 10 0 + + 10 + 0 = 0 + 0 31.000 - 0 0 + + + + = + + g Bal. + 10 0 + 0 0 + 0 + 0 = + 10 31,000 - 0 + 0 - 0 h. + + + + + + + 10 0 + + 0 0 + 0 = 0 + 31,000 - 0 + - 0 0 Bal. i. + + + + = + + Bal + 10 0 + + 10 + 10 = 10 0 + 31,000 + 10 0 0 + + + + = + j. Bal. (700)| + (700) + + 10 0 + + 10 0 + 0 = 31,000 - + 0 0 0 k. + + + + = + + Bal. $ + 10 $ 0 + $ 0 + $ 0 + $ = 10 $ (700) + $ 31,000 $ +10 $ 0 $ 0 2. Net income