< HFT2401-Spring2022-RXC-Group Project.docx 1:42 HFT 2401 Spring 2022 RXC Group Project Note: 1. The Project must be submitted in this form and should be handwritten. 2. You should prepare a cover for the project with the name and Panther ID of your group members on it. 3. The project due time will be May 2nd, before 11:59 p.m. Information: At the end of its first month of operations, the Smart Touch Learning (STL) INC. has the following transaction: Transaction Description of transaction 01. November 1: STL received $203,000 cash from Philip Morris and issued common stock. 02. November 1: STL received $106,000 in cash from Sheena Bright and issued common stock. 03. 04. 05. 06. 07. 08. 09. November 2: Cash of $12,000 was paid for rent for next six months. Put the total amount into the Prepaid Rent account. November 3: A one-year insurance policy was purchased by STL for $1,800 in cash. November 4: Office supplies costing $800 was purchased on account. November 4: STL purchase of $7,000 worth of computer on account, terms of 3/10, n/30. STL also pays a $200 freight charge. November 16: STL sold 5 computers for $500 each, making a $2,500 sale on account with terms of 2/10, n/30. The goods cost $1,750. November 16: Received a bill of $900 from the local newspaper for advertising. November 17: Accounts payable in the amount of $800 were paid. 1 ...