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lita lopez started biz consulting, a new business, and completed the following transactions during its first year of operations
. a. lita lopez invests $61,000 cash and office equipment valued at $32,000 in the company.
b. the company purchased an office suite for $45, 000 cash.
c. the company purchased office equipment for $5,000 cash.
d. the company purchased $3,300 of office supplies and $1,800 of office equipment on credit.
e. the company paid a local newspaper $910 cash for printing an announcement of the office’s opening.
f. the company completed a financial plan for a client and billed that client $4,900 for the service.
g. the company designed a financial plan for another client and immediately collected a $8,500 cash fee.
h. lita lopez withdrew $1,400 cash from the company for personal use.
i. the company received $3,900 cash as partial payment from the client described in transaction f.
j. the company made a partial payment of $900 cash on the equipment purchased in transaction d.
k. the company paid $2,500 cash for the office secretary’s wages for this period.
required 1. create a table like the one in exhibit 1.9, using the following headings for the columns: cash; accounts receivable; office supplies; office equipment; building; accounts payable; notes payable; l. lopez, capital; l. lopez, withdrawals; revenues; and expenses. 2. use additions and subtractions within the table created in part 1 to show the dollar effects of each transaction on individual items of the accounting equation. show new balances after each transaction. 3. once you have completed the table, determine the company’s net income.