The following events concern Anita Allen, a Manitoba law school graduate, for March 2024 On March 4, she spent $20 on a lottery ticket On March 7, she won $265,000 in the lottery and immediately quit her job as a junior lawyer 3 4 5 6 7 8 9 10 11 On March 10, she decided to open her own law practice, and deposited $90,000 of her winnings in a business chequing account, Allen Legal Services 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 $230 000 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 15th of each month On March 19, she hired a receptionist He will be paid $550 a week and will begin working on March 24 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 On March 21, she purchased $225 of supplies on account On March 24, she purchased an additional $6,100 of equipment for her law practice for $2,100 plus a $4 000 note pavable due in six months On March 31, she performed $4,000 of legal services on account On March 31, she received $2,500 cash for legal services to be provided in April On March 31, she paid her receptionist $550 for the week On March 31, she paid $225 for the supplies purchased on account on March Prepare a tabular analysis of the effects of the above transactions on the accounting equation (If a transaction causes a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced See Illustration 1 13 for example Please enter a zero for any answer fields in the total section (do not leave any fields blank in the total section )) Assets

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Posted on Sep 10, 2024

The following events concern Anita Allen, a Manitoba law school graduate, for March 2024:

On March 4, she spent $20 on a lottery ticket.
On March 7, she won $265,000 in the lottery and immediately quit her job as a junior lawyer.
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On March 10, she decided to open her own law practice, and deposited $90,000 of her winnings in a business chequing account, Allen Legal Services.
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 $230.000
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 15th of each month.
On March 19, she hired a receptionist. He will be paid $550 a week and will begin working on March 24.
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.
On March 21, she purchased $225 of supplies on account.
On March 24, she purchased an additional $6,100 of equipment for her law practice for $2,100 plus a $4.000 note pavable. due in six months.
On March 31, she performed $4,000 of legal services on account.
On March 31, she received $2,500 cash for legal services to be provided in April.

On March 31, she paid her receptionist $550 for the week.
On March 31, she paid $225 for the supplies purchased on account on March
Prepare a tabular analysis of the effects of the above transactions on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-13 for example. Please enter a zero for any answer fields in the total section (do not leave any fields blank in the total section.))

Assets