a. Lita Lopez invested $60,000 cash and equipment valued at $31,000 in the company in exchange for its common st b. The company purchased a building for $43,000 cash. c. The company purchased equipment for $5,300 cash. d. The company purchased $3,600 of supplies and $1,500 of equipment on credit. e. The company paid $870 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,100 for the service. g. The company designed a financial plan for another client and immediately collected a $8,400 cash fee. h. The company paid $1,600 cash in dividends to the owner (sole shareholder). i. The company received $3,100 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $750 cash on the equipment purchased in transaction d. k. The company paid $2,500 cash for the secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. 2. Determine the company's net income.

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Question 14: Based on the wage-bracket method, the federal income tax withholding for an employee who is married, is paid biweekly, completed the pre-2020 Form W-4, claims 2 federal withholding allowances, and earns $1,899 is $

The following events occurred for Favata Company: a. Received $14,000 cash from owners and issued stock to them. b. Borrowed $11,000 cash from a bank and signed a note due later this year. c. Bought and received $1,200 of equipment on account. d. Purchased land for $20,000; paid $1,800 in cash and signed a long-term note for $18,200. e. Purchased $7,000 of equipment; paid $1,800 in cash and charged the rest on account. Required: For each of the above events, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Transaction a 2 Received $14,000 cash from owners and issued stock to them. Record the transaction. Note: Enter debits before credits. 3 4 Record entry 5 General Journal Clear entry Debit Credit View general journal