On September 1,2011,Fast Track,Inc Prepare a Balance Sheet for Fast Track,Inc

question 26

Essay

On September 1,2011,Fast Track,Inc.was started with $30,000 invested by the owners as contributed capital.On September 30,2011,the accounting records contained the following amounts:
$\begin{array}{lrlr}\text { Accounts payable } & \$ 2,200 & \text { Dividends declared and } & \$ 2,300 \\ & & \text { paid } & \\\text { Accounts receivable }&2,200 & \text { Office equipment } & 25,000 \\\text { Accumulated depreciation } & 500 & \text { Office supplies inventory } & 1,750 \\\text { Cash } & 10,000 & \text { Office supplies expense } & 600 \\\text { Consulting fees revenue } & 19,200 & \text { Rent expense } & 2,400 \\\text { Contributed capital } & 30,000 & \text { Salary expense } & 6,900 \\\text { Depreciation expense } & 500 & \text { Telephone expense } & 250\end{array}$ Prepare a balance sheet for Fast Track,Inc.as of September 30,2011.

---

Definitions:

Cognitive Theory

A theory of psychology that emphasizes internal states, such as motivation, problem solving, decision-making, thinking, and attention.

Dreaming

A series of thoughts, images, and sensations occurring in a person's mind during sleep, often reflecting unconscious desires or concerns.

Daytime Thinking

The cognitive processes and thoughts that occur during the waking hours, often focused on daily tasks, planning, and problem-solving.

Opiates

A group of drugs derived from opium, used for their analgesic, narcotic, and sedative properties.