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 in exchange for common stock. 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 $1,900 for these services. December 9 FastForward receives $1,900 cash from the client billed on December 8. December 10 FastForward pays CalTech Supply $980 cash as partial payment for its December 4 $7,100 purchase of supplies. December 11 FastForward pays $200 cash for dividends. 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 $305 cash for December utilities expense. December 16 FastForward pays $700 cash in employee salary for work performed in the latter part of December. Answer is not complete. Dates: December 01 to: December 31 General Ledger Account General Requirement Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Cash Accounts receivable No. Date December 01 Debit Credit Balance No. 0 Date December 01 Debit Credit Balance 0 1 December 01 30,000 30,000 44 8 December 08 1,900 1,900 2 December 02 2,500 27,500 9 December 09 1,900 0 3 December 03 28,000 1,500 5 December 05 4.200 5,700 6 December 08 1,000 4,700 7 December 07 700 4,000 9 December 09 1,900 5,900 10 December 10 900 5,000 11 December 11 200 4,800 12 December 12 3,000 7,800 13 December 13 2,400 5,400 14 December 14 15 December 15 16 December 18 120 5,280 305 4,975 700 4,275 " 44444 444444 Supplies Prepaid insurance No. Date December 01 Debit Credit Balance No. Date Debit 0 December 01 2 December 02 2,500 2,500 13 December 13 2,200 Credit Balance 0 2.200 4 December 04 7,100 9,600 14 December 14 120 9,720 Equipment Accounts payable No. Date Debit Credit Balance No. Date Debit Credit Balance December 01 0 December 01 3 December 03 28,000 26,000 4 December 04 7,100 7,100 10 December 10 900 6,200 + Unearned consulting revenue No. Date Debit Credit Balance No. December 01 0 Date December 01 Common Stock Debit Credit Balance 0 12 December 12 3,000 3,000 1 December 01 30,000 30,000 Dividends No. Date December 01 Debit Credit Balance No. 0 Date December 01 Consulting revenue Debit Credit Balance 0 11 December 11 200 200 5 December 05 4,200 4,200 8 December 08 1,600 5,800 Rental revenue Salaries expense No. Date December 01 Debit Credit Balance No. 0 Date December 01 Debit Credit Balance 0 8 December 08 300 300 + 7 December 07 700 700 16 December 16 700 1,400 7 No. Date Insurance expense Debit 13 December 13 200 Utilities expense No. Date December 01 Debit 15 December 15 305 Rent expense Credit Balance No. Date Debit 0 December 01 200 6 December 08 1,000 Credit Balance 0 305 Credit Balance 0 1,000