Question: (LO 1, 2) Selected transactions for Decorators Mill Ltd. during its first month of operations are presented below: Mar. 2 Issued common shares for $11,000
(LO 1, 2) Selected transactions for Decorators Mill Ltd. during its first month of operations are presented below:
| Mar. | 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 | Declared and paid $300 of dividends to shareholders. |
Instructions
For each of the above transactions, prepare a (a) basic analysis, (b) equation analysis, and (c) debitcredit analysis.
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