The following events concern Anita Allen, a Manitoba law school



The following events concern Anita Allen, 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 $265,000 in the lottery and immediately quit her job as a junior lawyer.

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  13. 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.
  14. 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
  15. 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.
  16. On March 19, she hired a receptionist. He will be paid $550 a week and will begin working on March 24.
  17. 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.
  18. On March 21, she purchased $225 of supplies on account.
  19. 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.
  20. On March 31, she performed $4,000 of legal services on account.
  21. On March 31, she received $2,500 cash for legal services to be provided in April.
  22. On March 31, she paid her receptionist $550 for the week.
  23. On March 31, she paid $225 for the supplies purchased on account on March 21.
    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.))








Acc. Rec.




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