Question: need help with this problem Problem 1-8A Analyzing effects of transactions C4 P1 P2 A1 Lita Lopez started Biz Consulting, a new business, and completed
Problem 1-8A Analyzing effects of transactions C4 P1 P2 A1 Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company in exchange for its common stock. b. The company purchased an office suite for $40,000 cash. c. The company purchased office equipment for $15.000 cash. d. The company purchased $1,200 of office supplies and $1.700 of office equipment on credit. e. The company paid a local newspaper S500 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $2.800 for the service. g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. h. The company paid $3,275 cash in dividends to the owner (sole shareholder). 1. The company received $1,800 cash as partial payment from the client described in transaction. J. The company made a partial payment of S700 cash on the equipment purchased in transaction d. k. The company paid $1,800 cash for the office secretary's wages for this period. Required Check (1) Ending balances Cash, $14,525. Expenses. $2.300, Accounts Payable
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