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Business
Accounting
Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30                       Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1. Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Paid $400 cash for office supplies on December 4. Paid $400 cash for office supplies on December 4. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Performed services for a customer and received $2,600 cash on December 12. Performed services for a customer and received $2,600 cash on December 12. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Completed a large job, billed the customer $3,000 on December 15. Completed a large job, billed the customer $3,000 on December 15. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 18, paid employee salary, $2,000. On December 18, paid employee salary, $2,000. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Received $12,900 cash for performing services on December 20. Received $12,900 cash for performing services on December 20. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Collected $4,000 on December 22 in advance for a service to be performed later. Collected $4,000 on December 22 in advance for a service to be performed later. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 25, collected $3,000 cash from customer on account for the services performed on December 15. On December 25, collected $3,000 cash from customer on account for the services performed on December 15. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 27, received a $230 utility bill to be paid at a later time. On December 27, received a $230 utility bill to be paid at a later time. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 28, performed services on account, $600. On December 28, performed services on account, $600. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 28, paid office rent, $2,000. On December 28, paid office rent, $2,000. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Paid $230 on account on December 29. Paid $230 on account on December 29. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30

Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30                       Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1. Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Paid $400 cash for office supplies on December 4. Paid $400 cash for office supplies on December 4. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Performed services for a customer and received $2,600 cash on December 12. Performed services for a customer and received $2,600 cash on December 12. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Completed a large job, billed the customer $3,000 on December 15. Completed a large job, billed the customer $3,000 on December 15. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 18, paid employee salary, $2,000. On December 18, paid employee salary, $2,000. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Received $12,900 cash for performing services on December 20. Received $12,900 cash for performing services on December 20. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Collected $4,000 on December 22 in advance for a service to be performed later. Collected $4,000 on December 22 in advance for a service to be performed later. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 25, collected $3,000 cash from customer on account for the services performed on December 15. On December 25, collected $3,000 cash from customer on account for the services performed on December 15. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 27, received a $230 utility bill to be paid at a later time. On December 27, received a $230 utility bill to be paid at a later time. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 28, performed services on account, $600. On December 28, performed services on account, $600. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               On December 28, paid office rent, $2,000. On December 28, paid office rent, $2,000. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30               Paid $230 on account on December 29. Paid $230 on account on December 29. Date Accounts Debit Credit Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution.

Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution.

Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
 
      
Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1.
Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
Paid $400 cash for office supplies on December 4.
Paid $400 cash for office supplies on December 4.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
Performed services for a customer and received $2,600 cash on December 12.
Performed services for a customer and received $2,600 cash on December 12.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
Completed a large job, billed the customer $3,000 on December 15.
Completed a large job, billed the customer $3,000 on December 15.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
On December 18, paid employee salary, $2,000.
On December 18, paid employee salary, $2,000.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
Received $12,900 cash for performing services on December 20.
Received $12,900 cash for performing services on December 20.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
Collected $4,000 on December 22 in advance for a service to be performed later.
Collected $4,000 on December 22 in advance for a service to be performed later.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
On December 25, collected $3,000 cash from customer on account for the services performed on December 15.
On December 25, collected $3,000 cash from customer on account for the services performed on December 15.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
On December 27, received a $230 utility bill to be paid at a later time.
On December 27, received a $230 utility bill to be paid at a later time.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
On December 28, performed services on account, $600.
On December 28, performed services on account, $600.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
On December 28, paid office rent, $2,000.
On December 28, paid office rent, $2,000.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
Paid $230 on account on December 29.
Paid $230 on account on December 29.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
      
 
      
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