Question: 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

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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