Dec.1On December 1, Chas Taylor forms a consulting business, named FastForward. FastForward receives $30,000 cash from Chas Taylor in exchange for common stock.Dec.2FastForward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts.Dec.3FastForward pays $26,000 cash for equipment.Dec.4FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply.Dec.5FastForward provides consulting services and immediately collects $4,200 cash.Dec.6FastForward pays $1,000 cash for December rent.Dec.7FastForward pays $700 cash for employee salary.Dec.8FastForward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services.Dec.9FastForward receives $1,900 cash from the client billed on December 8.Dec.10FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies.Dec.11FastForward pays $200 cash for dividends.Dec.12FastForward 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.13FastForward 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.14FastForward pays $120 cash for supplies.Dec.15FastForward pays $305 cash for December utilities expense.Dec.16FastForward pays $700 cash in employee salary for work performed in the latter part of December.

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