Smart Touch Learning began operations on December 1 by receiving $20,000 cash and furniture of a fair value of $12,400 from James Smith. The business issued Smith shares of common stock in exchange for this contribution. Date Accounts Debit Paid $1,900 cash for a four-month insurance policy. The policy begins December 1. Date Accounts Paid $570 cash for office supplies, December 4. Date Accounts Performed services for a customer and received $2,500 cash, December 12. Debit Credit Credit Debit Credit Credit Debit