a. Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company. 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 $500 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. Lita Lopez withdrew $3,275 cash from the company for personal use. i. The company received $1,800 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 d. k. The company paid $1,800 cash for the office secretary's wages for this period. Required 1. Create the following table similar to the one in Exhibit Assets Liabilities + Equity Cash + Accounts + Office + + Office Accounts + L. Lopez, + Revenues - Expenses Office L. Lopez, Receivable Supplies Equipment Suite Payable Capital Withdrawals Use additions and subtractions within the table to show the dollar effects of each transaction on indi- vidual items of the accounting equation. Show new balances after each transaction. 2. Determine the company's net income. Assets Liabilities + Equity + Accounts Receivable + Supplies + Equipment Accounts + C. Taylor, C. Taylor, Cash + Revenues Expenses Payable Capital Withdrawals (1) $30,000 $30,000 (2) - 2,500 + $2,500 Bal. 27,500 + 2,500 30,000 + $26,000 + 26,000 (3) -26,000 Bal. 1,500 + 2,500 30,000 (4) + 7,100 +$7,100 Bal. 1,500 9,600 26,000 7,100 30,000 (5) + 4,200 + $4,200 Bal. 5,700 + 9,600 + 26,000 7,100 + 30,000 + 4,200 (6) 1,000 + $1,000 Bal. 4,700 9,600 26,000 7,100 30,000 4,200 - 1,000 + + + (7) 700 700 Bal. 4,000 + 9,600 26,000 7,100 30,000 + 4,200 1,700 (8) + $1,900 1,600 + 300 Bal. 4,000 + 1,900 9,600 26,000 7,100 30,000 6,100 1,700 (9) + 1,900 1,900 Bal. 5,900 + 9,600 + 26,000 7,100 30,000 + 6,100 1,700 (10) 900 900 Bal. 5,000 + + 9,600 + 26,000 6,200 30,000 + 6,100 1,700 (11) 200 $200 Bal. $ 4,800 + $ + $9,600 + $ 26,000 $ 6,200 + $ 30,000 $ 200 + $6,100 $ 1,700 +