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

1. Lita Lopez invested $70,000 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 $42,000 cash.
3. The company purchased office equipment for $6,000 cash.
4. The company purchased $3,800 of office supplies and $1,200 of office equipment on credit.
5. The company paid a local newspaper $980 cash for printing an announcement of the offices opening.
6. The company completed a financial plan for a client and billed that client $4,900 for the service.
7. The company designed a financial plan for another client and immediately collected a $8,800 cash fee.
8. The company paid $900 cash in dividends to the owner (sole shareholder).
9. The company received $3,900 cash as partial payment from the client described in transaction f.
10. The company made a partial payment of $600 cash on the equipment purchased in transaction d.
11. The company paid $2,000 cash for the office secretarys 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.

Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) Assets Liabilities Equity Cash + Accounts Receivable Office Supplies Office Equipment + Office Suite = Accounts Payable Common Stock Dividends + Revenues Expenses b. Bal Bal. Bal. Bal Bal Bal h. Bal. Bal. Bal. k. Bal