This problem is baThis 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 $900 cash as partial payment for its December 4 $7,100 purchase of supplies. December 11 FastForward pays $200