Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On the 2nd and 3rd picture, the last column says expenses. Lita Lopez started Biz Consulting a new business, and completed the following transactions during

On the 2nd and 3rd picture, the last column says expenses. image text in transcribed
image text in transcribed
image text in transcribed
Lita Lopez started Biz Consulting a new business, and completed the following transactions during its first year of operations a. Lita Lopez invested $62,000 cash and office equipment valued at $37.000 in the company. b. The company purchased an office suite for $44,000 cash. c. The company purchased office equipment for $5,900 cash d. The company purchased $3,600 of office supplies and $1,300 of office equipment on credit e. The company paid a local newspaper $820 cash for printing an announcement of the office's opening f. The company completed a financial plan for a client and billed that client $4,400 for the service, g. The company designed a financial plan for another client and immediately collected a $8,200 cash fee h. Lita Lopez withdrew $1,500 cash from the company for personal use i. The company received $3,400 cash as partial payment from the client described in transaction f J. The company made a partial payment of $650 cash on the equipment purchased in transaction d. k. The company paid $1600 cash for the office secretary's wages for this period. Accounts Recevable Assets Office Supplies Office Equipment Office Suite atid Accounts Payable Lloper, Capital Equity I loper. . a + . + . . . Bal . . . . c + + Bat . + d Bal + . . . Bal + -+-+-+-+-+ . . Bal + + 9 Bal + h Check my work Bal + c + -- +- + Bal + ---- + d + Bal + 0. Bal + + + Bal + g Bal . + + h + + Bal + i Bal + + + 1 Bal K Bal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions