Excercise 1 1. FastForward receives RM 30000 cash from Chas Taylor in exchange for common stock. 2. FastForward pays RM 2500 for supplies by cheque. 3. FastForward pays RM 26000 cash for equipment 4. FastForward purchases RM 7100 of supplies on credit from supplier. 5. FastForward provides consulting services and immediate collects RM 4200cash. 6. FastForward pays RM 1000 cash for December rent. 7. FastForward pays RM 700 cash for employee salary 8. FastForward provides consulting services of RM 1600 and rents its test facilities for RM 300 . The customer is billed RM 1900 for these services. 9. FastForward receives RM 1900 cash from the client billed in transaction 8 . 10. FastForward pays CalTech Supply RM 900 cash toward the payable of transaction 4. 11. FastForward pays RM 200 cash for dividends. 12. FastForward pays RM120 cash for supplies. 13. FastForward pays RM 230 cash for December utilities expense. 14. FastForward pays RM 700 cash in employee salary for work performed in the latter part of December. 15. FastForward pays RM 3200 cash for owner's family insurance. Analyze the above transactions based on the accounting equation and mention the debit and credit accounts. Assets = Liabilities + owner's equity Cash =.+ common stock 30000+= +30000+ Dr Cr