Question

Dec. 1 On December 1, Chas Taylor forms a consulting business, named Fast Forward. FastForward receives $30,000 cash from Chas Taylor in exchange for common stock. Dec. 2 Fast Forward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Fast Forward pays $26,000 cash for equipment. Dec. 4 FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. Dec. 5 FastForward provides consulting services and immediately collects $4,200 cash. Dec. 6 Fast Forward pays $1,000 cash for December rent. Dec. 7 Fast Forward pays $700 cash for employee salary. Dec. 8 Fast Forward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. Dec. 9 FastForward receives $1,900 cash from the client billed on December 8. Dec. 10 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies. Dec. 11 Fast Forward pays $200 cash for dividends. Dec. 12 Fast Forward 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. Dec. 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. Dec. 14 Fast Forward pays $120 cash for supplies. Dec. 15 Fast Forward pays $305 cash for December utilities expense. Dec. 16 FastForward pays $700 cash in employee salary for work performed in the latter part of December. Income St Retained aloo Choot

I need to know how to do this? where do I draw the info from?

Answer 1

Transaction Date	Net Income	Total Assets	Total Liabilities	Total Equity		Detail
1-Dec		30000		30000
2-Dec		supplies +3000, cash -3000
3-Dec		Equipment +26000, cash - 26000
4-Dec		7100	7100			supplies , accounts payable
5-Dec	4200	4200				service revenue, cash
6-Dec	-1000	-1000				rent expense, cash
7-Dec	-700	-700				salary expenses, cash
8-Dec	1900	1900				service revenue, accounts receivable
9-Dec		Cash 1900, AR -1900
10-Dec		-900	-900			Cash, accounts payable
11-Dec		-200		-200		Cash, Retained Earnings
12-Dec		3000	3000			Cash, Unearned service revenue
13-Dec		Cash -2400, Prepaid insurance 2400
14-Dec		Cash -120, Supplies 120
15-Dec		Cash -305, Utilities 305
16-Dec		Cash - 700, Prepaid salaries 700