Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operation.
Lita Lopez invests $70,000 cash and office equipment valued at $10,000 in the company.
The company purchased a $150,000 building to use as an office. Biz Consulting paid $20,000 in cash and signed a note payable promising to pay the $130,000 balance over the next 10 years.
The company purchased office equipment for $15,000 cash.
The company purchased $1,200 of office supplies and $1,700 of office equipment on credit.
The company paid a local newspaper $500 cash for printing an announcement of the office’s opening.
The company completed a financial plan for a client and billed that client for $2,800 for the service.
The company designed a financial plan for another client and immediately collected a $4,000 cash fee.
Lita Lopez withdrew $3,275 cash from the company for personal use.
The company received $1,800 cash as partial payment from the client described in transaction f.
The company made a partial payment of 700 cash on the equipment purchased in transaction d.
The company paid $1,800 cash for the office secretary’s wages for this period.
Create a table 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.
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.
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