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 in exchange for common stock.

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 FastForward pays $200 cash for dividends.

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.

Transaction Net Income Total Assets Total Equity Liabilities Where can you go to find each of your answers? ncome statement Balance sheetBalance sheet Balance sheet Dec. 1 - FastForward receives $30,000 cash from Chas Taylor in exchange for common stock. 0 $30,000 30,000 30,000 30,000 34,200 0$ 30,000$ Dec. 2 Pays $2,500 cash for supplies 30,000 30,000 37,100 41,300 40,300 39,600 0 Dec. 3 - Pays $26,000 cash for equipment. Dec. 4 - Purchases $7,100 of supplies on credit from a supplier Dec. 5- Provides consulting services and immediately collects $4,200 cash 0 0 7,100 11,300 4,200 Dec. 6 - Pays $1,000 cash for December rent. Dec. 7 - Pays $700 cash for employee salary Dec. 8 - Provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services Dec. 9 - Receives $1,900 cash from the client billed on December 8 Dec. 10 - Pays CalTech Supply $900 cash toward the payable from December 4 Dec. 11 - FastForward pays $200 cash for dividends Dec. 12 - Receives $3,000 cash in advance of providing consulting services to a customer. Dec. 13 - Pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1 Dec. 14 - Pays $120 cash for supplies Dec. 15 - Pays $305 cash for December utilities expense Dec. 16- Pays $700 cash in employee salary for work performed in the latter part of December