Problem 1-8A (Algo) Analyzing effects of transactions LO P1, P2 Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $68,000 cash and equipment valued at $38.000 in the company. b. The company purchased a building for $45,000 cash. c. The company purchased equipment for $5.600 cash. d. The company purchased $3,100 of supplies and $1.600 of equipment on credit. e. The company paid $990 cash for advertising expenses. 1. The company completed a financial plan for a client and billed that client $4.700 for the service. g. The company designed a financial plan for another client and immediately collected a $8,600 cash fee. h. L. Lopez withdrew $1,800 cash from the company for personal use. I. The company received $3,700 cash as partial payment from the client described in transaction f J. The company made a partial payment of $800 cash on the equipment purchased in transaction d. k. The company paid $2,200 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. Answer is not comp Complete this question by entering your answers in the tabs below. RELUI QUE 11 Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) Supplies . Equipment Building Accounts Payable Renetrable + S + $ 68,000 + 38,000 + a + + + + 45,000 (45.000) 0 0 0 b Balance after a and b 0 + 0 + 0 45,000 23.000 + 38.000 + + + + C 5,600 43,600 (5.600) + 17.400 + 0 0 0 + o 0 0 n + 45,000 + Balance after c + 3.100 + 1,600 + d + + + + - 0 0 0 + 0 + + + + 45,000 45.200 3,100 Balance after d 990 17.400 (990) + + + + + e O 0 0 990 + - 0 + + 16,410 3,100 Balance after e 45,000 45,200 + 0 4.700 + 4.700- + + + + f. + 0 990 o + + 4,700 + 45,000 45,200 3.100 4.700 8.600 Balance after f + - + 9. 0 + 0 990 0 - 13,300 + 3,100 4.700 + 45,200 45.000 Balance after g + 1.800 + + + h +++ 990 13.300 + o 1.800 0 + 45,000 45.200 3.100 + 4.700 + Balance after h E + + 16.410 8.600+ 25.010 (1.800) + 23.210 3.700 + 26.010 (800) + 26.110 (2 200) $ 23.010 + (3.700) 1,000 13.300 990 1.800 0 + 0 + = + 45.000 45,200 3.100 Balance after i + + + 1. (800) + [800) 1.800 990 = 13,300 +++++ 45,200 + 45,000 + 3.100 + Balance after 1,000 2.200 + = Ik + M (800) 3.190 IS $ 45.000 IS = IS + 1.800 T + 13,300 + IS 45.200 0 IS + + + Balance after k 1.000 IS 3.100 IS C