This problem is based on the transactions for the FastForward Company in your text. Prepare journal entries for each transaction and 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!

Show less $4$

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 $$900$ cash as partial payment for its December $4$ $$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 $$$00$ cash in employee salary for work performed in the latter part of December.