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Smart Touch Learning began operations on December 1. Record the business transactions for the month of December. Explanations are not required. Refer to the Chart of Accounts for account titles. Record debits first, then credits. Check your spelling carefully and do not abbreviate. Enter account names exactly as shown in the Chart of Accounts. Use the dropdown list to select the date.
- Smart Touch Learning began operations by receiving $24,900 cash and furniture of a fair value of $8,200 from James Smith. The business issued Smith shares of common stock in exchange for this contribution.
- Paid $1,400 cash for a four-month insurance policy on December 1. The policy begins December 1.
- Paid $570 cash for office supplies on December 4.
- Performed services for a customer and received $3,400 cash on December 12.
- Completed a large job, billed the customer $4,500 on December 15.
- On December 18, paid employee salary, $1,300.
- Received $13,100 cash for performing services on December 20.
- Collected $4,700 on December 22 in advance for a service to be performed later.
- On December 25, collected $4,500 cash from customer on account for the services performed on December 15.
- On December 27, received a $320 utility bill to be paid at a later time.
- On December 28, performed services on account, $600.
- On December 28, paid office rent, $1,800.
- Paid $320 on account on December 29.
PART 1: Journal Entries
PART 2: Post to the Ledger
PART 3: Post to the Ledger
PART 4: Prepare the Unadjusted Trial Balance
PART 5: Adjusting Entries
PART 6: Post Adjusting Entries
PART 7: Prepare the Adjusted Trial Balance
PART 8: Prepare Financial Statements
PART 9: Closing Entries
PART 10: Post and Close All Accounts
PART 11: Post-Closing Trial Balance
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