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 by receiving $20,500 cash and furniture of a fair value of $9,600 from James Smith. The business issued Smith common shares in exchange for this contribution. Paid $1,100 cash for a four-month insurance policy. The policy begins December 1 . Paid $500 cash for office supplies, December 4. Performed services for a customer and received $2,600 cash, December 12. Completed a large job, billed the customer, \$3,600, December 15 . Paid employee salary, \$1,700, December 18 . Received \$15,700 cash for performing services, December 20. Collected $5,600 in advance for a service to be performed later, December 22 . Collected $1,300 cash from customer on account, December 23 . Received a $270 utility bill to be paid at a later time, December 27. Performed services on account, $500, December 28 . Paid December's rent, \$1,600, on December 29 . Paid $270 on account, December 30 . Cash dividends of $2,400 were paid to shareholders, December 31