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

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

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.

f. The company completed a financial plan for a client and billed that client $2,800 for the service.

g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee.

h. The company paid $3,275 cash in dividends to the owner (sole shareholder).

i. The company received $1,800 cash as partial payment from the client described in transaction f.

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.

Assets Office Office Accounts Office Suite Cash + Supplies Equipment Receivable + + a. b. + + + 0+ Bal 0 0 0+ C + + + + + C B Liabilities Equity Common Stock Accounts Dividends Revenues Expenses + + Payable + + C 0 0 0 0 + 0+ 0 0 C C + + + 0 0 0 + + 0 2. Determine the companys net income. Net income

business accounting

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

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