Isabel
Lopez started Biz Consulting, a new business, and completed the
following transactions during its first year of operations.
| a. | I. Lopez invests $68,000 cash and office equipment valued at $33,000 in the company. |
| b. |
The
company purchased a $304,000 building to use as an office. Biz paid
$42,000 in cash and signed a note payable promising to pay the $262,000
balance over the next ten years.
|
| c. | The company purchased office equipment for $5,900 cash. |
| d. | The company purchased $3,200 of office supplies and $1,200 of office equipment on credit. |
| e. | The company paid a local newspaper $980 cash for printing an announcement of the office’s opening. |
| f. | The company completed a financial plan for a client and billed that client $5,000 for the service. |
| g. | The company designed a financial plan for another client and immediately collected an $8,300 cash fee. |
| h. | Lopez withdrew $1,300 cash from the company for personal use. |
| i. | The company received $4,000 cash as partial payment from the client described in transaction f. |
| j. | The company made a partial payment of $600 cash on the equipment purchased in transaction d. |
| k. | The company paid $2,100 cash for the office secretary’s wages for this period. |
| Required: | |
|
2.
|
Enter the amount of each transaction on individual items of the accounting equation.
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