Isabel Lopez started Biz Consulting, a new business, and completed the following transactions during its Isabel Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.
a. I. Lopez invests $70,000 cash and office equipment valued at $10,000 in the business.
b. Purchased a $20,000 building to use as an office. Biz paid $20,000 in cash.
c. Purchased office equipment for $15,000 cash.
d. Purchased $1,200 of office supplies credit. first year of operations.
a. I. Lopez invests $70,000 cash and office equipment valued at $10,000 in the business.
b. Purchased a $20,000 building to use as an office. Biz paid $20,000 in cash.
c. Purchased office equipment for $15,000 cash.
d. Purchased $1,200 of office supplies credit.
Required
1. Create a table like the one in Exhibit 2.1, using the following headings for the columns: Cash; Office Supplies; Office Equipment; Building; Accounts Payable; I. Lopez, Capital.
2. Use additions and subtractions to show the effects of these transactions on individual items of the accounting equation. Show new balances after each transaction.
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