PART 1: Journal Entries mart Touch Learning began operations on November 1 for the month of November & December. Explanations are not required. Refer to the Chart of Accounts for account titles Record the business transactions Smart Touch Learning began operations by receiving S27,100 cash and furniture of a fair value of $9,100 from James Smith. The business issued Smith shares of common stock in exchange for this contribution Paid $1,900 cash for a four-month insurance policy on November 1. The policy begins November 1 Paid $450 cash for office supplies on November 4 0 o