December 1 on December 1, Chas Taylor forns a consulting business, naned FastForward. FastForward receives $30,00 cash from Chas Taylor as an owner contribution. December 2 FastForward pays $2,588 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Fast Forward pays $26,000 cash for equipment. Deceber 4 FastForward purchases $7,100 of supplies on credit from a supplier, ColTech Supply. December 5 Fast Forward provides consulting services and immediately collects $4,200 cash. December 6 Fast Forward pays $1,000 cash for December rent. December 7 Fast Forward pays $700 cash for employee salary. December 8 Fast Forward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. December 9 Fast Forward receives $1,900 cash from the client billed on December 8. December 18 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,108 purchase of supplies. December 11 Chas Taylor withdraws $280 cash from FastForward for personat use. December 12 FastForward receives $3,800 cash in advance of providing consulting services to customer. The company's policy is to record fees collected in advance in a balance sheet account. December 13 Fast Forward 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. December 14 Fast Forward pays $120 cash for supplies. December 15 FastForward pays 5305 cash for December utilities expense. December 16 FastForward pays 5700 cash in employee salary for Jork performed in the latter part of December. 0 0 0 Total Transaction: Net Income Total Assets Liabilities Total Equity nncome Where can you go to find each of your answers ? Balance sheet Balance sheet Balance sheet statement December 1 - FastForward receives $30,000 cash from $ 0 $ 30,000 $ 0 $ 30,000 Chas Taylor as an owner contribution December 2 - Pays $2,500 cash for supplies. 0 30,000 0 30,000 December 3 - Pays $26,000 cash for equipment. 0 30,000 30,000 December 4 - Purchases $7.100 of supplies on credit 0 0 from a supplier December 5 - Provides consulting services and 0 4,200 immediately collects $4,200 cash. December 6 - Pays $1,000 cash for December rent 1,000 0 December 7- Pays $700 cash for employee salary of December 8 - Provides consulting services of $1,600 and rents its test facilities for $300. The customer is 0 billed $1,900 for these services. December 9 - Receives $1,900 cash from the client 0 billed on December 8 December 10 - Pays Cal Tech Supply $900 cash toward 0 0 the payable from December 4 December 11 - Chas Taylor withdraws $200 cash for 0 personal use. December 12 - Receives $3,000 cash in advance of 0 0 providing consulting services to a customer December 13 - Pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1 December 14 - Pays $120 cash for supplies December 15 - Pays $305 cash for December utilities expense December 16 - Pays $700 cash in employee salary for work performed in the latter part of December 0 0 0 0 0 0
