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

Lita Lopez invested $61,000 cash and office equipment valued at $37,000 in the company.

The company purchased an office suite for $49,000 cash.

The company purchased office equipment for $5,900 cash.

The company purchased $3,300 of office supplies and $1,200 of office equipment on credit.

The company paid a local newspaper $940 cash for printing an announcement of the offices opening.

The company completed a financial plan for a client and billed that client $5,000 for the service.

The company designed a financial plan for another client and immediately collected a $8,800 cash fee.

Lita Lopez withdrew $1,200 cash from the company for personal use.

The company received $4,000 cash as partial payment from the client described in transaction f.

The company made a partial payment of $600 cash on the equipment purchased in transaction d.

The company paid $2,200 cash for the office secretarys wages for this period.

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.)

2. Determine the company's net income.

Assets Liabilities Equity Accounts Office Office Accounts L. Lopez, Capital L. Lopez, Cash Receivable +Supplies Equipment+ Office SuitePayable - Withdrawals Revenues Expenses Bal. Bal Bal Bal. Bal Bal. Bal. S 2. Determine the company's net income Net income

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