On 1 March, David Tan established “David Interior Designs”. During the first month of
operations, his business experienced the following events:
1 Mar David Tan invested $50,000 in the business.
1 Mar Paid $18,000 for office rent for the next six months.
1 Mar Paid $5,000 to advertise the services of David Interior Designs.
2 Mar David Interior Designs officially opened for business.
10 Mar Received $10,000 cash from a client as advance payment for services to be
performed next month.
28 Mar Received a bill of $200 from Singapore Powers for the month of March.
The bill will be paid next month.
31 Mar Borrowed $20,000 by signing a note payable.
Analyse the above and record the necessary entries (indicate if no entry is required for
the event). Narrations are not required.