GLO201 - (No Analysis Tab) - Based on the FastForward Company LO A1, C3, C4, P1, P2, P3 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 Dec . 1 On December 1, Chas Taylor forms a consulting business named FastForward FastForward receives $30, 000 cash from Chas Taylor as an owner contribution Dec . 2 FastForward pays $2, 500 cash for supplies The company's policy is to record all prepaid expenses in asset accounts Dec. 3 FastForward pays $26,000 cash for equipment Dec . 4 FastForward purchases $7, 100 of supplies on credit from a supplier CalTech Supply . Dec . 5 FastForward provides consulting services and immediately collects $ 4, 200 cash . Dec . 6 FastForward pays $1, 000 cash for December rent Dec . 7 FastForward pays $700 cash for employee salary Dec . 8 FastForward provides consulting services of $1, 600 and rents its test facilities for $300 . . The customer is billed $1, 900 for these services Dec . 9 FastForward receives $1, 900 cash from the client billed on December 8 . Dec. 10 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7, 100 purchase of supplies Dec. 11 Chas Taylor withdraws $200 cash from FastForward for personal use Dec . 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 Dec. 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 Dec . 14 FastForward pays $120 cash for supplies Dec. 15 FastForward pays $305 cash for December utilities expense Dec. 16 FastForward pays $700 cash in employee salary for work performed in the latter part of December