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Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations a. Llta Lopez invested $70,000 cash and office equipment valued at $10,000 in the company b. The company purchased an ofmice suite for $40,000 cash. C. The company purchased orice equipment for $15,000 cash. d. The company purchased $1,200 of otmice supplies and $1,700 of office equipment on credit. e. The company paid a local newspaper $500 cash for printing an announcement of the ofmices opening. f. The company completed a financial plan for a client and biled that client $2,800 for the service. g. The company designed a fnancial 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. i. The company recelved $1,800 cash as partial payment from the dlient descrbed 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 ofmice secretarys wages for this perlod. 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 + Office Accounts Receivable Supplies Equipment Suite Payable +Lopez, withdrawals | + Revenues ite | | Payable! + Lopez, |ー·L Lopez, Bal Bal Bal Bal Bal Bal Bal Bal Bal Bal 2. Determine the companys net income.

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- Liabilities + Equity office Cash +Receivable Supplies Office Equipment Accounts Accounts |Office Suite! Suite $0 Payable | + | Capital DrawingsRevenuesExpenses 50 Date + Drawings $0 50 $0 10,000 Bal 50 70,000 80 Bal $70,000+ ($40,000) Bal $30,000+ $10,000! 15,000 $25 (15,000) Bal 15,000+ $40,000 1,700 $26,700+ 1,200 2, $15,000+ ($500) $14,500! + Bal $1,200+ $1,200+ 1,200 + $1,200+ $1,200+ $1,200+ S1,200+ $1,200 $26,700+ $26,700 $40,000 $26,700 $26,7001 + $26,700 26,700+ $2 2,900 $80,000 $2,900 $80,000 2,900 $80,000 $2,900 $2,900 $80, $2,200 + $80,000 $2,900+$80, Bal 2800 $14,500+ $4,000 $18,500+ Bal $2,800+ $2,800 $2,800 + $1,000 $1,000+ $2,800 + $500 Bal $40,000 $6,800 $500 ($3,275) $3,275 $3,275 S3,275+ $3,275+ Bal $15,225+ $1,800 $17,025+ ($700) $16,325+ $40,000 $80,000 $6,800 ($1,800) Bal $500 (5700) Bal ($1,800) $1,800 $2,300 $2, Bal 16,700 + $16,700+ $2,800+ $1,200+ $26,70+ $40,000 $2,900$80,000 $6,800 Accounting Equation Assets Liabilities & Equity Check $87,400 $87,400 Incomes Expenses Net Income $6,800 $2,300 $4,500 $0b. Company' Net Income = $6,800 -$2300 =$4,500

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