This problem is based on the transactions for the FastForward Company in your text. Prepare Journal entries for each transaction and Identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. December 1 On December 1, Chas Taylor forms a consulting business, named FastForward. FastForward receives $30,000 cash from Chas Taylor as an owner contribution. December 2 FastForward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 FastForward pays $26,000 cash for equipment. December 4 FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. December 5 FastForward provides consulting services and immediately collects $4,200 cash. December 6 FastForward pays $1,000 cash for December rent. December 7 FastForward pays $700 cash for employee salary. December 8 FastForward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,988 for these services. December 9 FastForward receives $1,900 cash from the client billed on December 8. December 18 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies. December 11 Chas Taylor withdraws $200 cash from FastForward for personal use. December 12 FastForward receives $3,000 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account. December 13 FastForward pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. December 14 FastForward pays $120 cash for supplies. December 15 FastForward pays $385 cash for December utilities expense. December 16 FastForward pays $780 cash in employee salary for work performed in the latter part of December. Requirement General Journal General Ledger Transaction: Trial Balance Where can you go to find each of your answers? December 1 - FastForward receives $30,000 cash from Chas Taylor as an owner contribution. December 2 - Pays $2,500 cash for supplies. December 3-Pays $20,000 cash for equipment. December 4- Purchases $7,100 of supplies on credit from a supplier. December 5 - Provides consulting services and immediately collects $4,200 cash. The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! December 6 - Pays $1,000 cash for December rent. December 7 - Pays $700 cash for employee salary. December 8 - Provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. December 9 - Receives $1,900 cash from the client billed on December 8. December 10 - Pays CalTech Supply $900 cash toward the payable from December 4. December 11 - Chas Taylor withdraws $200 cash for personal use. December 12 - Receives $3,000 cash in advance of providing consulting services to a customer. December 13- Pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. December 14 - Pays $120 cash for supplies. December 15 - Pays $305 cash for December utilities expense. Income Statement Statement Owners Equity December 16-Pays $700 cash in employee salary for work performed in the latter part of December. Net Income income statement $ Balance Sheet Total Liabilities Balance sheet Total Assets Balance sheet 0 S 30,000 $ 30,000 0 0 30,000 Financial Statement Impact Total Equity Balance sheet 0 S 0 0 30,000 30,000 30,000 Show less A