Selected transactions for the Decorators Mill Ltd., an interior decorator corporation in its first month of business, are as follows:
March 2 Issued common shares for $11,000 cash.
4 Purchased used car for $1,000 cash and $9,000 on account, for use in the business.
10 Billed customers $2,300 for services performed.
13 Paid $225 cash to advertise business opening.
25 Received $1,000 cash from customers billed on March 10.
27 Paid amount owing for used car purchased on March 4.
30 Received $700 cash from a customer for services to be performed in April.
31 Paid dividends of $500 to shareholders.
Instructions
For each of the above transactions, prepare a (a) basic analysis, (b) equation analysis, and (c) debit-credit analysis.