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

A$.$ Lita Lopez invested $$68,000$ cash and equipment valued at $$40,000$ in the company in exchange for its common stock.

B$.$ The company purchased a building for $$44,000$ cash.

C$.$ The company purchased equipment for $$5,200$ cash.

D$.$ The company purchased $$3,600$ of supplies and $$1,400$ of equipment on credit.

E$.$ The company paid $$900$ cash for advertising expenses.

F$.$ The company completed a financial plan for a client and billed that client $$4,600$ for the service.

G$.$ The company designed a financial plan for another client and immediately collected a $$9,000$ cash fee.

H$.$ The company paid $$800$ cash in dividends to the owner $($sole shareholder$).$

I. The company received $$3,600$ cash as partial payment from the client described in transaction f$.$

J$.$ The company made a partial payment of $$700$ cash on the equipment purchased in transaction

K$.$ The company paid $$2,400$ cash for the secretary$$s wages for this period.

Required: Enter the amount of each transaction on individual items of the accounting equation.

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

Note: Reductions in account balances should be indicated with a minus sign.

Answer rating: 100% (QA)

To enter the amount of each transaction on individual items of the accounting equation well use the following format Assets Liabilities Equity Cash Ac... View the full answer