Problem 1-8A Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez.

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Problem 1-8A Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invests $70,000 cash and office equipment valued at $10,000 in the company. b. The company purchased a $150,000 building to use as an office. Biz Consulting paid $20,000 in cash and signed a note payable promising to pay the $130,000 balance over the next 10 years. c. The company purchased office equipment for $15,000 cash. d. The company purchased $1,200 of office supplies and $1,700 of office equipment on credit. e. The company paid a local newspaper $500 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $2,800 for the service. g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. h. Lita Lopez withdrew $3,275 cash from the company for personal use. i. The company received $1,800 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $700 cash on the equipment purchased in transaction d. k. The company paid $1,800 cash for the office secretary's wages for this period.

Name ________________________________

Problem 1-8 VARIATION HOMEWORK 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 $33,000 in the company. b. The company purchased a $316,000 building to use as an office. Biz Consulting paid $44,000 in cash and signed a note payable promising to pay the $272,000 balance over the next 10 years. c. The company purchased office equipment for $5,600 cash. d. The company purchased $3,500 of office supplies and $1,600 of office equipment on credit. e. The company paid a local newspaper $910 cash for printing an announcement of the office’s opening. f. The company completed a financial plan for a client and billed that client $4,600 for the service. g. The company designed a financial plan for another client and immediately collected a $8,100 cash fee. h. Lita Lopez withdrew $1,600 cash from the company for personal use. i. The company received $3,600 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $800 cash on the equipment purchased in transaction d. k. The company paid $2,400 cash for the office secretary’s wages for this period.

Name ________________________________