Time Limit: 2:30:00 Time Left:1:57:09 Shilpi Goyal: Attempt 1 Question 15 (17 points) Saveg During the first month of operations, the following transactions occurred fo Style Plus Design Ltd.: Feb 1 Issued common shares in exchange for $20,000 cash and office equipment valued at $15,000. Feb 6 Purchased office supplies on account for $500. Feb 10 Purchased 6 months of advertising totalling $3,400 for cash. Feb 14 Paid $300 for this month's insurance. Feb 15 Completed $3,000 of design services for a client on account. Feb 18 Completed $3,500 of design services for a client, which was immediately collected. Feb 26 Paid for $250 of the supplies purchased on Feb 6th. Feb 27 Received $2,700 for design services to be completed in March. Feb 28 Declared and paid $500 of dividends to shareholders. Style Plus Design Ltd. uses the following accounts: Cash Accounts payable Accounts receivable Deferred revenue Supplies Salaries payable Prepaid advertising Bank loan payable Prepaid insurance Common shares Prepaid rent Dividends declared Equipment Truck Service revenue Advertising expense Insurance expense Rent expense Supplies expense Telephone expense Utilities expense Time Limit: 2:30:00 Time Left:1:57:09 Shilpi Goyal: Attempt 1 Question 15 (17 points) Saveg During the first month of operations, the following transactions occurred fo Style Plus Design Ltd.: Feb 1 Issued common shares in exchange for $20,000 cash and office equipment valued at $15,000. Feb 6 Purchased office supplies on account for $500. Feb 10 Purchased 6 months of advertising totalling $3,400 for cash. Feb 14 Paid $300 for this month's insurance. Feb 15 Completed $3,000 of design services for a client on account. Feb 18 Completed $3,500 of design services for a client, which was immediately collected. Feb 26 Paid for $250 of the supplies purchased on Feb 6th. Feb 27 Received $2,700 for design services to be completed in March. Feb 28 Declared and paid $500 of dividends to shareholders. Style Plus Design Ltd. uses the following accounts: Cash Accounts payable Accounts receivable Deferred revenue Supplies Salaries payable Prepaid advertising Bank loan payable Prepaid insurance Common shares Prepaid rent Dividends declared Equipment Truck Service revenue Advertising expense Insurance expense Rent expense Supplies expense Telephone expense Utilities expense