Page 69 - Exercise #1 The opening financial position is shown for Sheila's Interior Decorating of Sudbury, Ontario, owned by Sheila Kostiuk. Record the changes required for the seven transactions that follow. ASSETS LIABILITIES OWNER'S EQUITY Sheila's Interior Decorating Cash ARE. Kerluck Supplies Ofice Furniture Automobile AP Home Supply 1 000 AP Pine Motors S. Kostuk Capital Beginning 2050 150 600 1 200 3000 Transactions: 1. Stationery and supplies are purchased from Home Supply on credit for $175. They will be paid for within 30 days 2. A new desk for the office is purchased for $450 cash 3. E. Kerluck, a debtor, pays his debt in full 4. A $300 service is performed for a customer, who pays immediately in cash 5. A used automobile costing $6,500 is purchased from Pine Motors. A down payment of $500 is made. It is agreed that the remainder of the purchase price will be paid within three months 6. Home Supply, a creditor, is paid $700 7. The owner, Sheila Kostiuk, withdraws $200 from the business for her own use