Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of ope a. Lita Lopez invested $63,000 cash and equipment valued at $39,000 in the company. b. The company purchased a building for $48,000 cash. c. The company purchased equipment for $5,800 cash. d. The company purchased $3,500 of supplies and $1,700 of equipment on credit. e. The company paid $850 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,200 for the service. g. The company designed a financial plan for another client and immediately collected a $8,700 cash fee. h. L. Lopez withdrew $1,300 cash from the company for personal use. 1. The company received $3,200 cash as partial payment from the client described in transaction f. J. The company made a partial payment of $850 cash on the equipment purchased in transaction d. k. The company paid $2,200 cash for the secretary's wages for this period. equired: 1. Enter the amount of each transaction on individual items of the accounting equation.
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of ope a. Lita Lopez invested $63,000 cash and equipment valued at $39,000 in the company. b. The company purchased a building for $48,000 cash. c. The company purchased equipment for $5,800 cash. d. The company purchased $3,500 of supplies and $1,700 of equipment on credit. e. The company paid $850 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,200 for the service. g. The company designed a financial plan for another client and immediately collected a $8,700 cash fee. h. L. Lopez withdrew $1,300 cash from the company for personal use. 1. The company received $3,200 cash as partial payment from the client described in transaction f. J. The company made a partial payment of $850 cash on the equipment purchased in transaction d. k. The company paid $2,200 cash for the secretary's wages for this period. equired: 1. Enter the amount of each transaction on individual items of the accounting equation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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