Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.

  1. Lita Lopez invested $63,000 cash and office equipment valued at $31,000 in the company.
  2. The company purchased an office suite for $47,000 cash.
  3. The company purchased office equipment for $5,000 cash.
  4. The company purchased $3,700 of office supplies and $1,200 of office equipment on credit.
  5. The company paid a local newspaper $970 cash for printing an announcement of the office’s opening.
  6. The company completed a financial plan for a client and billed that client $4,500 for the service.
  7. The company designed a financial plan for another client and immediately collected a $8,900 cash fee.
  8. Lita Lopez withdrew $1,000 cash from the company for personal use.
  9. The company received $3,500 cash as partial payment from the client described in transactionf.
  10. The company made a partial payment of $600 cash on the equipment purchased in transactiond.
  11. The company paid $2,300 cash for the office secretary’s wages for this period.