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Lito Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. 1 a. Lita Lopez invested $70,000
Lito Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. 1 a. Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company. b. The company purchased an office suite for $40,000 cash, c. The company purchased office equipment for $15,000 cash. d. The company purchased $1.200 of office supplies and $1,700 of office equipment on credit e. The company paid a local newspaper $500 cash for printing an announcement of the office's opening, 1. The company completed a financial plan for a client and billed that client $2,800 for the service. 9. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. h. Lita Lopez withdrew $3.275 cash from the company for personal use. 1. The company received $1.800 cash as partial payment from the client described in transaction J. The company made a partial payment of $700 cash on the equipment purchased in transaction d. k. The company paid $1,800 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 (Reductions in account balances should be indicated with a minus sign.) Cash Accounts Receivable Assets Office Supplies Office Equipment Office Suits Liabilities Accounts Payable L Lopez Capital Equity Lloper Withdrawals Revenue Expenses EUR .... + Bu . d + + + . . . . . . . - - 1+ . - . Bal + + Bal . + + 9 Bal + . + . h Ral * Bal . + + . - 1 hal + + - al +
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