Leida Cruz, a recent law school graduate, was penniless on December 25, 20xD 1. On December 28, Cruz inherited an enormous sum of money 2. On December 27, she placed $80,000 in a business checking account for her unincorporated law practice. 3. On December 28, she purchased a home for a down payment of $120,000 plus a home mortgage payable of S230,000. 4. On December 28, Cruz agreed to rent a law office. She provided a $1,000 cash damage deposit (from her business cash), which will be fully refundable when she vacates the premises This deposit is a business asset. She will make rental payments in advance on the first business day of each month. (The first payment of 5700 is not to be made until January 2, 20X1.) 5. On December 28, Cruz purchased a computer for her law practice for $2,000 cash, plus a $3,000 promissory note due in 90 days 8. On December 28, she purchased legal supplies for 1,000 on open account. 7. On December 28, Cruz purchased office furniture for her practice for S4,000 cash. 8. On December 29, Cruz hired a legal assistant receptionist for $380 per week. She was to report to work on January 2. 9. On December 30, Cruz's law practice lent $3,000 cash in return for a 1-year note from Sam Whitman, a local candy store owner. Whitman had indicated that he would spread the news about the new lawyer Required 1. Use the format demonstrated in Exhibit to analyze the transactions of Leida Cruz, lawyer. To avoid crowding. put your numbers in thousands of dollars. Do not restrict yourself to the account titles in. 2. Prepare a balance sheet as of December 31, 20x0 EXHIBIT Biwheels Company Anaiysis or Transaction for Jaruany 2 to Jany 12, 20x2 f Transactians Uabitis Owner's Equty +400.00 +100.000 (2) Loan trom bak (3) Acquire stcre equipnent +100000 15,000 120.cc0 +10.000 30,cc0 4) Acquire inventory for cash 5) Acquire inventory on +10.000 5) Acquire inventory for cash plus crecit 20,000 +1.000 1,000 (7) Sale of equ pment ) Return cf inveneary -eco -800 acquired on January Peyment to credito Balance,laruary 12. 20X2 352.000 +-150.200 + 000-_0000 +-25200-00000 525. 200 Leida Cruz, a recent law school graduate, was penniless on December 25, 20xD 1. On December 28, Cruz inherited an enormous sum of money 2. On December 27, she placed $80,000 in a business checking account for her unincorporated law practice. 3. On December 28, she purchased a home for a down payment of $120,000 plus a home mortgage payable of S230,000. 4. On December 28, Cruz agreed to rent a law office. She provided a $1,000 cash damage deposit (from her business cash), which will be fully refundable when she vacates the premises This deposit is a business asset. She will make rental payments in advance on the first business day of each month. (The first payment of 5700 is not to be made until January 2, 20X1.) 5. On December 28, Cruz purchased a computer for her law practice for $2,000 cash, plus a $3,000 promissory note due in 90 days 8. On December 28, she purchased legal supplies for 1,000 on open account. 7. On December 28, Cruz purchased office furniture for her practice for S4,000 cash. 8. On December 29, Cruz hired a legal assistant receptionist for $380 per week. She was to report to work on January 2. 9. On December 30, Cruz's law practice lent $3,000 cash in return for a 1-year note from Sam Whitman, a local candy store owner. Whitman had indicated that he would spread the news about the new lawyer Required 1. Use the format demonstrated in Exhibit to analyze the transactions of Leida Cruz, lawyer. To avoid crowding. put your numbers in thousands of dollars. Do not restrict yourself to the account titles in. 2. Prepare a balance sheet as of December 31, 20x0 EXHIBIT Biwheels Company Anaiysis or Transaction for Jaruany 2 to Jany 12, 20x2 f Transactians Uabitis Owner's Equty +400.00 +100.000 (2) Loan trom bak (3) Acquire stcre equipnent +100000 15,000 120.cc0 +10.000 30,cc0 4) Acquire inventory for cash 5) Acquire inventory on +10.000 5) Acquire inventory for cash plus crecit 20,000 +1.000 1,000 (7) Sale of equ pment ) Return cf inveneary -eco -800 acquired on January Peyment to credito Balance,laruary 12. 20X2 352.000 +-150.200 + 000-_0000 +-25200-00000 525. 200