6) AP The following events concern Anita LeTourneau, a Manitoba law school grad- uate, for March 2021:

1. On March 4, she spent $20 on a lottery ticket.

2. On March 7, she won $250,000 in the lottery and immediately quit her job as a junior lawyer.

June 1

After shopping around, Frank found an office to lease and signed a lease agreement. The

3. On March 10, she decided to open her own law practice, and deposited $50,000 of her winnings in a business chequing account, LeTourneau Legal Services.

4. On March 14, she purchased a new luxury condominium with a down payment of $150,000 from her personal funds plus a home mortgage of $200,000.

5. On March 15, Anita signed a rental agreement for her law office space for $2,500 a month, start- ing March 15. She paid the first months rent, as it is due on the 15th of each month.

6. On March 19, she hired a receptionist. He will be paid $500 a week and will begin working on March 24.

7. On March 20, she purchased equipment for her law practice from a company that had just de- clared bankruptcy. The equipment was worth at least $15,000 but Anita was able to buy it for only $10,000.

8. On March 21, she purchased $400 of supplies on account.

9. On March 24, she purchased an additional $6,500 of equipment for her law practice for $3,000

plus a $3,500 note payable due in six months.

10. On March 31, she performed $3,500 of legal services on account.

11. On March 31, she received $2,500 cash for legal services to be provided in April.

12. On March 31, she paid her receptionist $500 for the week.

13. On March 31, she paid $400 for the supplies purchased on account on March 21.

Instructions

a. Prepare a tabular analysis of the effects of the above transactions on the accounting equation. b. Calculate profit and owners equity for the month ended March 31.

c. Prepare a balance sheet at March 31.

The following events concern Anita White, a Manitoba law school graduate, for March 2024: 1. On March 4, she spent $20 on a lottery ticket. 2. On March 7, she won $280,000 in the lottery and immediately quit her job as a junior lawyer. 3. On March 10, she decided to open her own law practice, and deposited $45,000 of her winnings in a business chequing account, White Legal Services. 4. On March 14, she purchased a new luxury condominium with a down payment of $150.000 from her personal funds plus a home mortgage of $240.000. 5. On March 15. Anita signed a rental agreement for her law office space for $2,500 a month, starting March 15, She paid the first month's rent, as it is due on the 15 th of each month. 6. On March 19, she hired a receptionist. He will be paid $750 a week and will begin working on March 24. 7. On March 20. she purchased equipment for her law practice from a company that had just declared bankruptcy. The equipment was worth at least $15,000 but A nita was able to buy it for only $8,500. 8. On March 21 , she purchased $225 of supplies on account. 9. On March 24 , she purchased an additional $6,300 of equipment for her law practice for $2,000 plus a $4,300 note payable due in six months. 10. On March 31, she performed $4,300 of legal services on account. 11. On March 31 , she received $2,500 cash for legal services to be provided in April. 12. On March 31, she paid her receptionist $750 for the week