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The following events concern Anita White, a Manitoba law school graduate, for March 2021: 1. On March 4, she spent $20 on a lottery ticket.

The following events concern Anita White, a Manitoba law school graduate, for March 2021:

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 months rent, as it is due on the 15th 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 Anita 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 $5,500 of equipment for her law practice for $2,000 plus a $3,500 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.

13.

On March 31, she paid $225 for the supplies purchased on account on March 21.

Prepare a tabular analysis of the effect of the above transactions

b) calulate profit and owners equity

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