Question

Lita Lopez start

Help Save & Exit Submit Check my work 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. e company purchased $1,200 of office supplies and $1,700 of office equipment on credit O cash for printing an announcement of the office's opening e. The company paid a local newspaper $500 for 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. Print Roferencesh. Lita Lopez withdrew $3,275 cash from the company for personal use. i. The company received $1,800 cash as partial 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 payment from the client described in transaction f Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be with a minus sign.) Liabi くPrev 1013 İİ Next >

Answer 1

As per policy, only one question is allowed to answer at a time, so answering Q1 here :

Q1) Accounting Equation:
	ASSETS					=	LIABILITIES +	EQUITY
Item	Cash	AR	Supplies	Suite	Off. Equip	=	AP	Capital	Revenues	Expenses
a	70000				10000	=		80000
b	-40000			40000		=
c	-15000				15000	=
d			1200		1700	=	2900
e	-500					=				-500
f		2800				=			2800
g	4000					=			4000
h	-3275					=		-3275
I	1800	-1800				=
j	-700					=	-700
k	-1800					=				-1800
Balance	14525	1000	1200	40000	26700	=	2200	76725	6800	-2300
G.Total					83425	=	83425