PART 1: Journal Entries 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. Smart Touch Learning began operations on December 1 by receiving $27,000 cash and furniture of a fair value of $11,000 from James Smith. The business issued Smith shares of common stock in exchange for this contribution Date Accounts Debit Credit Paid $1,600 cash for a four-month insurance policy. The policy begins December 1. Date Accounts Debit Credit Paid $S70 cash for office supplies, December 4. Date Accounts Debit Credit Performed services for a customer and received $3,000 cash, December 12. Date Accounts Debit Credit Completed a large job, billed the customer, $4,500, December 15. Date Accounts Debit Credit Paid employee salary, $2,300, December 18. Date Accounts Debit Credit Received $19,200 cash for performing services, December 20 Date Accounts Debit Credit Collected 55,700 in advance for a service to be performed later, December 22. Date Accounts Debit Credit Collected $4,500 cash from customer on account, December 23. Date Accounts Debit Credit Received a $340 utility bill to be paid at a later time, December 27. Date Accounts Debit Credit Performed services on account, $600, December 28. Date Accounts Debit Credit Paid December's rent, $1,800, on December 29. Date Accounts Debit Credit Paid $340 on account, December 30. Date Accounts Debit Credit Cash dividends of $3,400 were paid to stockholders, December 31. Date Accounts Debit Credit