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GLO201 - (No Analysis Tab) - Based on the FastForward Company LO A1, C3, C4, P1, P2, P3 1 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. 33.33 points eBook Print DLL Dec. 1 On December 1, Chas Taylor forms a consulting business, named Fast Forward. Fast Forward receives $30,000 cash from Chas Taylor as an owner contribution Dec. 2 Past Forward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Fast Forward pays $26,000 cash for equipment. Dec. 4 Fast Forward purchases $7,100 of supplies on credit Erom a supplier, CalTech Supply Dec. 5 Fast Forward provides consulting services and immediately collects $4,200 cash. Dec. 6 Fast Forward pays $1,000 cash Eo: December cent. Dec. 7 Fast Forward pays $700 cash Eos employee salary. Dec. & Fast Forward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. Dec. 9 Fast Forward 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 Fast Forward for personal use. Dec. 12 Fast Forward 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 Fast Forward pays $120 cash for supplies. Dec. 15 Fast Forward pays $305 cash for December utilities expense. Dec. 16 Past Forward pays $00 cash in employee salary for work performed in the latter part of December. References General Balance Requirement General Ledger Trial Balance Journal Income Statement St Owners Equity Sheet General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Owner's Equity Tab - Owner investments and withdrawals, as reported on the trial balance, appear on the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is linked to the other financial statements. Balance Sheet Tab - Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the ending capital balance. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. Dec. 1 On December 1, Chas Taylor forms a consulting business, named FastForward. Fast Forward receives $30,000 cash from Chas Taylor as an owner contribution. Dec. 2 PastForward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Fast Forward 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 Past Forward pays $1,000 cash for December rent. Dec. 7 Fast Forward pays $700 cash for employee salary. Dec. & Fast Forward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. Dec. 9 Fast Forward 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 Fast Forward for personal use. Dec. 12 Past Forward 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 Fast Forward pays $120 cash for supplies. Dec. 15 Fast Forward 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. General General Income St Owners Balance Requirement Trial Balance Journal Ledger Statement Equity Sheet Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the FastForward Company, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". View transaction list Journal entry worksheet On December 1, Chas Taylor forms a consulting business, named FastForward. FastForward receives $30,000 cash from Chas Taylor as an owner contribution. Note: Enter debits before credits. Date Account Title Debit Credit Dec 01 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries.If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Dates: Dec 01 to: Dec 31 FastForward Trial Balance December 16, 2019 Account Title Debit Credit Total 0 Dec. 1 On December 1, Chas Taylor forms a consulting business, named Fast Forward. Fast Forward receives $30,000 cash from Chas Taylor as an owner contribution. Dec. 2 Past Forward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Fast Forward pays $26,000 cash for equipment. Dec. 4 Past Forward 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 Fast Forward pays $1,000 cash for December rent. Dec. 7 Fast Forward pays $700 cash for employee salary. Dec. & Fast Forward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. Dec. 9 Fast Forward 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 Past Forward for personal use. Dec. 12 Fast Forward 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 Past Forward pays $120 cash for supplies. Dec. 15 PastForward pays $305 cash for December utilities expense. Dec. 16 Past Forward pays $700 cash in employee salary for work performed in the latter part of December. General General Income Balance St Owners Requirement Trial Balance Journal Ledger Statement Equity Sheet An income statement reports the changes in equity attributable to the operation of the business during a specific time period. Revenues increase equity, and expenses decrease equity. FastForward Income Statement For Month Ended December 31, 2019 Revenues Consulting revenue S Rental revenue 0 0 Expenses Salaries expense Rent expense Utilities expense 000 Net income Net income or loss is transferred from the income statement to the: (Trial Balance St Owners Equity > This problem is based on the transactions for the FastForward Company in your text. Prepare journal entries for each transaction Identify the financial statement Impact of each entry. The financial statements are automatically generated based on the journal recorded. Dec. Dec. 1 On December 1, Chas Taylor forms a consulting business, named Fast Forward. Fast Forward receives $30,000 cash fro Chas Taylor as an owner contribution. 2 FastForward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset acco Dec. 3 Fast Forward pays $26,000 cash for equipment. Dec. 4 Fast Forward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Fast Forward provides consulting services and immediately collects $4,200 cash. Dec. 6 Past Forward pays $1,000 cash for December rent. Dec. 7 FastForward pays $700 cash for employee salary. Dec & Fast Forward provides consulting services of $1,600 and rents its test facilities for $300. The customer is bille $1,900 for these services. Dec. 9 Fast Forward 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 Past Forward for personal use. Dec. 12 Fast Forward receives $3,000 cash in advance of providing consulting services to a customer. The company's policy to record fees collected in advance in a balance sheet account. Dec. 13 Past Forward pays $2,400 cash (insurance premium for a 24-month insurance policy. Coverage begins on December 1 company's policy is to record all prepaid expenses in a balance sheet account. Dec. 14 Past Forward pays $120 cash for supplies. Dec. 15 PastForward pays $305 cash for December utilities expense. Dec. 16 Fast Forward pays $700 cash in employee salary for work performed in the latter part of December. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Equity includes the ending capital balance from the Statement of Owner's Equity. FastForward Balance Sheet December 31, 2019 Assets S 0 0 Cash Accounts receivable Supplies Prepaid insurance Equipment 0 0 0 Liabilities S Accounts payable Unearned consulting revenue OO Equity C. Taylor, Capital 0 The balance in Taylor's capital account comes from the:
