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Selected transactions for Expensive Designs Pty Ltd, an interior decorator in its first month of business, are as follows: 1. Issued shares to investors for
Selected transactions for Expensive Designs Pty Ltd, an interior decorator in its first month of business, are as follows: 1. Issued shares to investors for $10000 in cash. 2. Purchased a used car for $5000 cash for use in business. 3. Purchased supplies on account for $500. 4. Invoiced customers $1800 for services performed. 5. Paid $200 cash for advertising at the start of the business. 6. Received $700 cash from customers invoiced in the transaction (4). 7. Paid creditor $300 cash on account. 8. Paid dividends of $400 cash to shareholders. Requirement: Record each transaction in the appropriate columns of your worksheet for the first month of operation of Expensive Designs Pty Ltd. (25 marks)
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