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

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Accounting

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

  1. Lita Lopez invested $69,000 cash and equipment valued at $34,000 in the company.
  2. The company purchased a building for $44,000 cash.
  3. The company purchased equipment for $5,900 cash.
  4. The company purchased $3,200 of supplies and $1,300 of equipment on credit.
  5. The company paid $850 cash for advertising expenses.
  6. The company completed a financial plan for a client and billed that client $4,500 for the service.
  7. The company designed a financial plan for another client and immediately collected a $8,600 cash fee.
  8. L. Lopez withdrew $1,100 cash from the company for personal use.
  9. The company received $3,500 cash as partial payment from the client described in transaction f.
  10. The company made a partial payment of $650 cash on the equipment purchased in transaction d.
  11. The company paid $1,900 cash for the secretarys wages for this period.

Required:

  1. Enter the amount of each transaction on individual items of the accounting equation.
  2. Determine the company's net income.

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