Isabel Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.
1. Lopez invests $70,000 cash and office equipment valued at $10,000 in the business.
2. Purchased a $150,000 building to use as an office. Biz paid $20,000 in cash and signed a note payable promising to pay the $130,000 balance over the next ten years.
3. Purchased office equipment for $15,000 cash.
4. Purchased $1,200 of office supplies and $1,700 of office equipment on credit.
5. Paid a local newspaper $500 cash for printing an announcement of the office's opening.
6. Completed a financial plan for a client and billed that client $2,800 for the service.
7. Designed a financial plan for another client and immediately collected a $4,000 cash fee.
8. Lopez withdrew $3,275 cash for personal use.
9.Received a $1,800 cash payment from the client described in transaction f.
10. Made a $700 cash payment on the equipment purchased in transaction d.
11. Paid $1,800 cash for the office secretary's wages.