TRANSACTION

NO. DATE EXPLANATION

Chas Taylor forms a consulting business named FastForward in

December. Taylor invests $30,000 cash in the new company and
deposits the cash in a bank account opened under the name of
(1) Dec 1st FastForward

FastForward uses $2,500 of its cash to buy supplies of Nike and Adidas
(2) Dec 2nd footwear for performance testing over the next few months

(3) Dec 3rd FastForward spends $26,000 to acquire equipment for testing footwear
Taylor decides more supplies of footwear and accessories are needed.
These additional supplies cost $7,100, but FastForward has only $1,500
in cash. Taylor arranges to purchase them on credit from CalTech
(4) Dec 6th Supply Company.

FastForward provides consulting services and immediately collects

(5) Dec 5th $4,200 cash

(6) Dec 13th FastForward pays $1,000 to rent its facilities.

FastForward pays the biweekly $700 salary of the company’s

(7) Dec 12th employee.

FastForward provides consulting services of $1,600 and rents its test

facilities for $300. The customer is
(8) Dec 12th billed $1,900 for these services

FastForward receives $1,900 cash from the customer billed in

(9) Dec 22nd transaction 8

FastForward pays CalTech Supply $900 cash toward the payable of

(10) Dec 24th transaction 4

(11) Dec 24th The owner of FastForward withdraws $200 cash for personal use
 ACCOUNTING EQUATIO
ASSETS
=
Cash Supplies Equipment Acct ReceivPrepaid Ex

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)
Balance - - - - -
Total - =
ACCOUNTING EQUATION
LIABILITIES EQUITY
Acct Unearn +
Owner, Cap Own, Withdr Revenue Expense
Payable Rev

- - - - - - -
- -
 GENERAL JOURNAL

No DATE ACCOUNTS TITLES PR

DEBIT CREDIT
 LEDGER (T-ACCOUNTS)
ASSETS LIABILITIES

CASH ACCT PAYABLE

)
EQUITY

OWNER, CAPITAL
 TRIAL BALANCE
ACCOUNT DEBIT CREDIT
ASSETS
Cash -
Supplies -
Account Receivable -
Equipment -
Prepaid Insurance -
LIABILITIES
Account payable -
Unearned Revenue -
EQUITY
Owner, Capital -
Owner, withdraw -
Consulting Revenue -
Rent Revenue -
Rent Expense -
Salary Expense -
Utilities Expense -
TOTAL - -

Total
-
 ADJUST AND POST ACCOUNTS

No Explanation Date Adjustme

ACCOUNTS

Adjustments Debit Credit

 ADJUSTED TRIAL BALANCE

Unadjusted Trial Balance

Account Debit Credit
ASSETS
Cash
Supplies
Account Receivable
Equipment
Accumulated Depreciation Equipment
Prepaid Insurance
LIABILITIES
Account payable
Unearned Revenue
Salary payble
EQUITY
Owner, Capital
Owner, withdraw
Consulting Revenue

Rent Revenue
Rent Expense
Salary Expense
Utilities Expense
Insurance expense
Supplies expense
Depreciatin expense
totak - -
BALANCE

Adjustments Adjusted Trial Balance

Debit Credit Debit Credit

- - - -
 WORK SHEET

Unadjusted Trial Balance

Account Debit Credit

ASSETS
Cash
Supplies
Account Receivable
Equipment
Accumulated Depreciation Equipment
Prepaid Insurance
LIABILITIES
Account payable
Unearned Revenue
Salary pable
EQUITY
Owner, Capital
Owner, withdraw
Consulting Revenue

Rent Revenue
Rent Expense
Salary Expense
Utilities Expense
Insurance expense
Supplies expense
Depreciatin expense
Totals - -
Net profit
Totals
WORK SHEET
Balance Sheet &
Adjustments Adjusted Trial Balance Income Statement Statement of Owner's
Equity
Debit Credit Debit Credit Debit Credit Debit

- - - - - - -
-
- - -
 Balance Sheet &
Statement of Owner's
Equity
Credit

-
-
-
 BALANCE SHEET
31 Dec
ASSETS LIABILITIES & EQUITY
LIABILITIES
Cash - Account payable -
Supplies - Unearned Revenue -
Account Receivable - Salary pable -
Equipment - Total Liabilities -
Accumulated Depreciation
-
Equipment EQUITY
Prepaid Insurance - Owner equity -
TOTAL ASSETS - Total Liabilties & equity -
 INCOME STATEMENT STATEMENT OF OWNER'S EQUITY
For month ended 31 Dec For month ended 31 Dec
REVENUE Beginning balance
Consulting Rev 0 + Capital
Rent Rev 0 + Withdraw
Total Revenue 0 + Net income
EXPENSE Ending balance
Rent Expense -

Salary Expense -
Utilities Expense -
Insurance expense -
Supplies expense -
Depreciation expense -
total Expense -
Net income -
 OF OWNER'S EQUITY
onth ended 31 Dec
-
-
-
-
-