1

On December 1, Chas Taylor forms a consulting business, named FastForward. FastForward receives $30,000 cash from Chas Taylor as an owner contribution.

2

FastForward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts.

3

FastForward pays $26,000 cash for equipment.

4

FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply.  

5

FastForward provides consulting services and immediately collects $4,200 cash.

6

FastForward pays $1,000 cash for December rent.

7

FastForward pays $700 cash for employee salary.

8

FastForward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services.

9

FastForward receives $1,900 cash from the client billed on December 8.

10

FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies.

11

Chas Taylor withdraws $200 cash from FastForward for personal use.

12

FastForward receives $3,000 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account.

13

FastForward 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. 

14

FastForward pays $120 cash for supplies.

15

FastForward pays $305 cash for December utilities expense.

16

FastForward pays $700 cash in employee salary for work performed in the latter part of December.