Smart Touch Learning began operations on December 1 by receiving $29,900 cash and furniture of a fair value of $10,900 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Smart Touch Learning began operations on December 1 by receiving $29,900 cash and furniture of a fair value of $10,900 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Date Accounts Debit Credit
Paid $1,200 cash for a four-month insurance policy. The policy begins December 1.
Paid $1,200 cash for a four-month insurance policy. The policy begins December 1.
Date Accounts Debit Credit
Paid $400 cash for office supplies, December 4.
Paid $400 cash for office supplies, December 4.
Date Accounts Debit Credit
Performed services for a customer and received $3,600 cash on December 12.
Date Accounts Debit Credit
Completed a large job, billed the customer $4,000 on December 15.
Date Accounts Debit Credit
On December 18, paid employee salary, $2,300
Date Accounts Debit Credit
Received $11,600 cash for performing services on December 20.
Date Accounts Debit Credit
Collected $3,300 on December 22 in advance for a service to be performed later.
Date Accounts Debit Credit
On December 25, collected $4,000 cash from customer on account for the services performed on December 15.
Date Accounts Debit Credit
On December 27, received a $340 utility bill to be paid at a later time.
Date Accounts Debit Credit
On December 28, performed services on account, $500.
Date Accounts Debit Credit
On December 28, performed services on account, 5500.
Date Accounts Debit Credit
On December 28, paid office rent, $2,800.