Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution.Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30           Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1.Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       Paid $400 cash for office supplies on December 4.Paid $400 cash for office supplies on December 4.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       Performed services for a customer and received $2,600 cash on December 12.Performed services for a customer and received $2,600 cash on December 12.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       Completed a large job, billed the customer $3,000 on December 15.Completed a large job, billed the customer $3,000 on December 15.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       On December 18, paid employee salary, $2,000.On December 18, paid employee salary, $2,000.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       Received $12,900 cash for performing services on December 20.Received $12,900 cash for performing services on December 20.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       Collected $4,000 on December 22 in advance for a service to be performed later.Collected $4,000 on December 22 in advance for a service to be performed later.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       On December 25, collected $3,000 cash from customer on account for the services performed on December 15.On December 25, collected $3,000 cash from customer on account for the services performed on December 15.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       On December 27, received a $230 utility bill to be paid at a later time.On December 27, received a $230 utility bill to be paid at a later time.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       On December 28, performed services on account, $600.On December 28, performed services on account, $600.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       On December 28, paid office rent, $2,000.On December 28, paid office rent, $2,000.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30       Paid $230 on account on December 29.Paid $230 on account on December 29.DateAccountsDebitCreditDec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30

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Asked Jan 27, 2020
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Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution.

Smart Touch Learning began operations by receiving $23,400 cash and furniture of a fair value of $13,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution.

Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
 
     
Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1.
Paid $1,800 cash for a four-month insurance policy on December 1. The policy begins December 1.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
Paid $400 cash for office supplies on December 4.
Paid $400 cash for office supplies on December 4.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
Performed services for a customer and received $2,600 cash on December 12.
Performed services for a customer and received $2,600 cash on December 12.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
Completed a large job, billed the customer $3,000 on December 15.
Completed a large job, billed the customer $3,000 on December 15.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
On December 18, paid employee salary, $2,000.
On December 18, paid employee salary, $2,000.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
Received $12,900 cash for performing services on December 20.
Received $12,900 cash for performing services on December 20.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
Collected $4,000 on December 22 in advance for a service to be performed later.
Collected $4,000 on December 22 in advance for a service to be performed later.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
On December 25, collected $3,000 cash from customer on account for the services performed on December 15.
On December 25, collected $3,000 cash from customer on account for the services performed on December 15.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
On December 27, received a $230 utility bill to be paid at a later time.
On December 27, received a $230 utility bill to be paid at a later time.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
On December 28, performed services on account, $600.
On December 28, performed services on account, $600.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
On December 28, paid office rent, $2,000.
On December 28, paid office rent, $2,000.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
Paid $230 on account on December 29.
Paid $230 on account on December 29.
Date
Accounts
Debit
Credit
Dec. 1Dec. 4Dec. 12Dec. 15Dec. 18Dec. 20Dec. 21Dec. 22Dec. 25Dec. 27Dec. 28Dec. 29Dec. 30
     
 
     
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Transaction: The economic events which bring about any changes in the financial items of a business and can be measured in the monetary units is referred to as a transaction.

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Journal entry:...

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