Dec. 1 On December 1, Chas Taylor forms a consulting business, named FastForward. FastForward receives $30,000 cash from Chas Taylor in exchange for common stock Dec. 2 FastForward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 FastForward pays $26,000 cash for equipment. Dec. 4 FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. Dec. 5 FastForward provides consulting services and immediately collects $4,200 cash. Dec. 6 FastForward pays $1,000 cash for December rent. Dec. 7 FastForward pays $700 cash for employee salary. Dec. 8 FastForward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. Dec. 9 FastForward receives $1,900 cash from the client billed on December 8 Dec. 10 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies Dec. 11 FastForward pays $200 cash for dividends. Dec. 12 FastForward receives $3,000 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account Dec. 13 FastForward pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. Dec. 14 FastForward pays $120 cash for supplies. Dec. 15 FastForward pays $305 cash for December utilities expense. Dec. 16 FastForward pays $700 cash in employee salary for work performed in the latter part of December. Total Liabilities Total Equity Net Income Total Assets Transaction: ncome Where can you go to find each of your answers? Balance sheet Balance sheet Balance sheet statement Dec. 1 - FastForward receives $30,000 cash from Chas Taylor in exchange for common stock. 30,000 $ 30,000 Dec. 2 - Pays $2,500 cash for supplies 30,000 30,000 Dec. 3 - Pays $26,000 cash for equipment. 30,000 30,000 0 Dec. 4 - Purchases $7,100 of supplies on credit from a supplier. Dec. 5 Provides consulting services and immediately collects $4,200 cash Dec. 6 Pays $1,000 cash for December rent Dec. 7 - Pays $700 cash for employee salary Dec. 8 Provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services Dec. 9 - Receives $1,900 cash from the client billed orn December 8 Dec. 10 - Pays CalTech Supply $900 cash toward the payable from December 4 Dec. 11 - FastForward pays $200 cash for dividends Dec. 12 - Receives $3,000 cash in advance of providing consulting services to a customer Dec. 13 - Pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1 Dec. 14 - Pays $120 cash for supplies Dec. 15 - Pays $305 cash for December utilities expense Dec. 16 - Pays $700 cash in employee salary for work performed in the latter part of December
