Isabel Lopez started Biz Consulting, a new business, and completed th.pdf
Isabel Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations a. I. Lopez invests $69,000 cash and office equipment valued at $37,000 in the company in exchange for its common stock b. The company purchased a $309,000 building to use as an office. Biz paid $41,000 in cash and signed a note payable promising to pay the $268,000 balance over the next ten years. c. The company purchased office equipment for $5,400 cash. d. The company purchased $3,500 of office supplies and $1,700 of office equipment on credit. e. The company paid a local newspaper $960 cash for printing an announcement of the office\'s opening. f. The company completed a financial plan for a client and billed that client $4,200 for the service g. The company designed a financial plan for another client and immediately collected an $8.100 cash fe h. The company paid $1,600 cash in dividends to the owner . The company received $3.200 cash as partial payment from the client described in transaction f payment of $850 cash on the equipment purchased in transaction d k. The company paid $2.400 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. (Enter reductions to account balances with a minus sign.) Assets Office Office Accounts Solution Answer Assets Liabilities Equity Cash Accounts receivables Office Supplies Office Equip ments Buildings Accounts Payable Notes Payable Common Stock Dividends Revenues Expenses a 69000 37000 106000 b -41000 309000 268000 28000 0 0 37000 309000 0 268000 106000 0 0 0 c -5400 5400 22600 0 0 42400 309000 0 268000 106000 0 0 0 d 3500 1700 5200 22600 0 3500 44100 309000 5200 268000 106000 0 0 0 e -960 960 21640 0 3500 44100 309000 5200 268000 106000 0 0 960 f 4200 4200 21640 4200 3500 44100 309000 5200 268000 106000 0 4200 960 g 8100 8100 29740 4200 3500 44100 309000 5200 268000 106000 0 12300 960 h -1600 1600 28140 4200 3500 44100 309000 5200 268000 106000 1600 12300 960 i 3200 -3200 31340 1000 3500 44100 309000 5200 268000 106000 1600 12300 960 j -850 -850 30490 1000 3500 44100 309000 4350 268000 106000 1600 12300 960 k -2400 2400 Bal 28090 1000 3500 44100 309000 4350 268000 106000 1600 12300 3360 Assets Liabilities Equity Cash Accounts receivables Office Supplies Office Equip ments Buildings Accounts Payable Notes Payable Common Stock Dividends Revenues Expenses a 69000 37000 106000 b -41000 309000 268000 28000 0 0 37000 309000 0 268000 106000 0 0 0 c -5400 5400 22600 0 0 42400 309000 0 268000 106000 0 0 0 d 3500 1700 5200 22600 0 3500 44100 309000 5200 268000 106000 0 0 0 e -960 960 21640 0 3500 44100 309000 5200 268000 106000 0 0 960 f 4200 4200 21640 4200 3500 44100 309000 5200 268000 106000 0 4200 960 g 8100 8100 29740 4200 3500 44100 309000 5200 268000 106000 0 12300 960 h -1600 1600 28140 4200 3500 44100 309000 5200 268000 106000 1600 12300 960 i 3200 -3200 31340 1000 3500 44100 .
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Isabel Lopez started Biz Consulting, a new business, and completed th.pdf
- 1. Isabel Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations a. I. Lopez invests $69,000 cash and office equipment valued at $37,000 in the company in exchange for its common stock b. The company purchased a $309,000 building to use as an office. Biz paid $41,000 in cash and signed a note payable promising to pay the $268,000 balance over the next ten years. c. The company purchased office equipment for $5,400 cash. d. The company purchased $3,500 of office supplies and $1,700 of office equipment on credit. e. The company paid a local newspaper $960 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $4,200 for the service g. The company designed a financial plan for another client and immediately collected an $8.100 cash fe h. The company paid $1,600 cash in dividends to the owner . The company received $3.200 cash as partial payment from the client described in transaction f payment of $850 cash on the equipment purchased in transaction d k. The company paid $2.400 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. (Enter reductions to account balances with a minus sign.) Assets Office Office Accounts Solution Answer Assets Liabilities Equity Cash Accounts receivables Office Supplies Office Equip ments Buildings Accounts Payable Notes Payable Common Stock Dividends Revenues Expenses a
- 6. 12300 3360 Assets Liabilities Equity Cash Accounts receivables Office Supplies Office Equip ments Buildings Accounts Payable Notes Payable Common Stock Dividends Revenues Expenses a 69000 37000 106000 b -41000 309000 268000 28000 0 0 37000 309000 0 268000 106000 0