Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

l want to make sure about my answer The following events concern Anita Jackson, a Manitoba law school graduate, for March 2024: 1. On March

l want to make sure about my answer
image text in transcribed
image text in transcribed
image text in transcribed
The following events concern Anita Jackson, 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 $300,000 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 $85,000 of her winnings in a business chequing account, Jackson Legal Services. 4. On March 14, she purchased a new luxury condominium with a down payment of $150,000 from her personal funds plusa home mortgage of $220,000. 5. On March 15, Anita signed a rental agreement for her lawoffice space for $2,500 a month, starting March 15.5. 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 $675 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 Anita was able to buy it for only $8,400. 8. On March 21 , she purchased $250 of supplies on account. 9. On March 24, she purchased an additional $6,900 of equipment for her law practice for $2,700 plus a $4,200 note payable due in six months. 3. On March 10, she decided to open her own law practice, and deposited $85,000 of her winnings in a business chequing account, Jackson 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 $220,000. 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 $675 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 Anita was able to buy it for only $8,400. 8. On March 21, she purchased $250 of supplies on account. 9. On March 24, she purchased an additional $6,900 of equipment for her law practice for $2,700 plus a $4,200 note payable due in six months. 10. On March 31, she performed $4,200 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 $675 for the week. 13. On March 31, she paid $250 for the supplies purchased on account on March 21. Iculate profit and owner's equity for the month ended March 31. $ Dwner's Equity \$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

8th Canadian Edition

111950242X, 1-119-50242-5, 978-1119502425

More Books

Students also viewed these Accounting questions

Question

Draw a schematic diagram of I.C. engines and name the parts.

Answered: 1 week ago