please fill the table using the information provided ent ? C ?Not secure ezto.mh
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please fill the table using the information provided
ent ? C ?Not secure ezto.mheducation.com/hm.tpx 5 value 4.00 points Problem 1-8A Analyzing effects of transactions LO C4, P1, P2, A1 Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invests $66,000 cash and office equipment valued at $36,000 in the company in exchange for its common stock b. The company purchased a $309,000 building to use as an office. Biz Consulting paid $43,000 in cash and signed a note payable promising to pay the $266,000 balance over the next 10 years c. The company purchased office equipment for $5,200 cash. d. The company purchased $3,900 of office supplies and $1,900 of office equipment on credit. e. The company paid a local newspaper $970 cash for printing an announcement of the office's opening f. The company completed a financial plan for a client and billed that client $4,900 for the service g. The company designed a financial plan for another client and immediately collected a $8,500 cash fee. h. The company paid $1,600 cash in dividends to the owner (sole shareholder) i. The company received $3,900 cash as partial payment from the client described in transaction f j. The company k. The company paid $2,400 cash for the office secretary's wages for this period. made a partial payment of $950 cash on the equipment Required 2. Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) Assets Office Office Accounts Cash +Receivable Supplies+ ent|+| Building |#| Payable a 66,000+s b (43,000) + s 36,000+ 43,000 0 O Type here to searchExplanation / Answer
Assets
Liabilities
Equity
Cash
Receivables
Supplies
Equipment
Building
Accounts Payable
Notes Payable
Common Stock
Dividends
Revenues
Expenses
a
$ 66,000.00
$ 36,000.00
$ 102,000.00
b
$ (43,000.00)
$ 309,000.00
$ 266,000.00
Balance
$ 23,000.00
$ -
$ -
$ 36,000.00
$ 309,000.00
$ -
$ 266,000.00
$ 102,000.00
$ -
$ -
$ -
c
$ (5,200.00)
$ 5,200.00
Balance
$ 17,800.00
$ -
$ -
$ 41,200.00
$ 309,000.00
$ -
$ 266,000.00
$ 102,000.00
$ -
$ -
$ -
d
$ 3,900.00
$ 1,900.00
$ 5,800.00
Balance
$ 17,800.00
$ -
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ -
$ -
$ -
e
$ (970.00)
$ 970.00
Balance
$ 16,830.00
$ -
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ -
$ -
$ 970.00
f
$ 4,900.00
$ 4,900.00
Balance
$ 16,830.00
$ 4,900.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ -
$ 4,900.00
$ 970.00
g
$ 8,500.00
$ 8,500.00
Balance
$ 25,330.00
$ 4,900.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ -
$ 13,400.00
$ 970.00
h
$ (1,600.00)
$ 1,600.00
Balance
$ 23,730.00
$ 4,900.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ 1,600.00
$ 13,400.00
$ 970.00
i
$ 3,900.00
$ (3,900.00)
Balance
$ 27,630.00
$ 1,000.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ 1,600.00
$ 13,400.00
$ 970.00
j
$ (950.00)
$ (950.00)
Balance
$ 26,680.00
$ 1,000.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 4,850.00
$ 266,000.00
$ 102,000.00
$ 1,600.00
$ 13,400.00
$ 970.00
k
$ (2,400.00)
$ 2,400.00
Balance
$ 24,280.00
$ 1,000.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 4,850.00
$ 266,000.00
$ 102,000.00
$ 1,600.00
$ 13,400.00
$ 3,370.00
Balance sheet
Assets
Cash
$ 24,280.00
Receivables
$ 1,000.00
Supplies
$ 3,900.00
Equipment
$ 43,100.00
Building
$ 309,000.00
Total Assets
$ 381,280.00
Liabilities
Accounts Payable
$ 4,850.00
Notes Payable
$ 266,000.00
Common Stock
$ 102,000.00
Less :dividends
$ (1,600.00)
Add: Revenue
$ 13,400.00
Less: Expenses
$ (3,370.00)
$ 110,430.00
Total Equity and Liabilities
$ 381,280.00
Assets
Liabilities
Equity
Cash
Receivables
Supplies
Equipment
Building
Accounts Payable
Notes Payable
Common Stock
Dividends
Revenues
Expenses
a
$ 66,000.00
$ 36,000.00
$ 102,000.00
b
$ (43,000.00)
$ 309,000.00
$ 266,000.00
Balance
$ 23,000.00
$ -
$ -
$ 36,000.00
$ 309,000.00
$ -
$ 266,000.00
$ 102,000.00
$ -
$ -
$ -
c
$ (5,200.00)
$ 5,200.00
Balance
$ 17,800.00
$ -
$ -
$ 41,200.00
$ 309,000.00
$ -
$ 266,000.00
$ 102,000.00
$ -
$ -
$ -
d
$ 3,900.00
$ 1,900.00
$ 5,800.00
Balance
$ 17,800.00
$ -
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ -
$ -
$ -
e
$ (970.00)
$ 970.00
Balance
$ 16,830.00
$ -
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ -
$ -
$ 970.00
f
$ 4,900.00
$ 4,900.00
Balance
$ 16,830.00
$ 4,900.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ -
$ 4,900.00
$ 970.00
g
$ 8,500.00
$ 8,500.00
Balance
$ 25,330.00
$ 4,900.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ -
$ 13,400.00
$ 970.00
h
$ (1,600.00)
$ 1,600.00
Balance
$ 23,730.00
$ 4,900.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ 1,600.00
$ 13,400.00
$ 970.00
i
$ 3,900.00
$ (3,900.00)
Balance
$ 27,630.00
$ 1,000.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 5,800.00
$ 266,000.00
$ 102,000.00
$ 1,600.00
$ 13,400.00
$ 970.00
j
$ (950.00)
$ (950.00)
Balance
$ 26,680.00
$ 1,000.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 4,850.00
$ 266,000.00
$ 102,000.00
$ 1,600.00
$ 13,400.00
$ 970.00
k
$ (2,400.00)
$ 2,400.00
Balance
$ 24,280.00
$ 1,000.00
$ 3,900.00
$ 43,100.00
$ 309,000.00
$ 4,850.00
$ 266,000.00
$ 102,000.00
$ 1,600.00
$ 13,400.00
$ 3,370.00
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