P$1\mathrm{.}7$A $($LO$)3,4,5,$ AP The following events concern Anita LeTourneau, a Manitoba law school graduate, for March $2024$:

On March $4,$ she spent $$20$ on a lottery ticket.

On March $7,$ she won $$250,000$ in the lottery and immediately quit her job as a junior Thawer.

On March $10,$ she decided to open her own law practice, and deposited $$50,000$ of her winnings in a business chequing account, LeTourneau Legal Services.

On March $14,$ she purchased a new luxury condominium with a down payment of $$150,000$ from her personal funds plus a home mortgage of $$200,000.$

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 $15$ th of each month.

On March $19,$ she hired a receptionist. He will be paid $$500$ 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 $$15,000$ but Anita was able to bi $$10,000.$

On March $21,$ she purchased $$400$ of supplies on account.

On March $24,$ she purchased an additional $$6,500$ of equipment for her law practice for $$3,000$ plus a $$3,500$ note payable due in six months.

On March $31,$ she had performed $$3,500$ 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 $$500$ for the week.

On March $31,$ she paid $$400$ for the supplies purchased on account on March $21.$

Instructions

a$.$ Prepare a tabular analysis of the effects of the above transactions on the accounting equation.

b$.$ Calculate profit and owner's equity for the month ended March $31.$

c$.$ Prepare a balance sheet at March $31.$

Taking It Further How should Anita determine which transactions should be recorded and which ones should not be recorded?