Help Save & Exit Check 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 Fast forward. FastForward receives $30,000 cash Dec. from Chas Taylor as an owner contribution accounts. 2 Fast Forward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset 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 FastForward provides consulting services and immediately collects $4,200 cash. Dec. 6 Fast Forward pays $1,000 cash for December rent. Dec. 7 FastForward pays $700 cash for employee salary. Dec. 8 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 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 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. insurance premium) for a 24-month insurance policy. Coverage begins on December 1. Dec. 13 Fast Forward pays $2,400 cash 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 Fast Forward pays $700 cash in employee salary for work performed in the latter part of December. ences Balance Sheet FS Impact St Owners Equity General Journal General Ledger Trial Balance That balance Income Statement Requirement 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 Total Liabilities Total Equity Net Income Total Assets Transaction: Ratana chaat Ranva shat income not find each of an answer Where can !!! or 4,200 WI Transaction: Net Income Total Assets Liabilities Total Equity Where can you go to find each of your answers? Income Balance sheet Balance sheet Balance sheet statement Dec. 1 - FastForward receives $30,000 cash from Chas Taylor as an owner contribution. $ 0 $ 30,000 $ 0 $ 30,000 Dec. 2 - Pays $2,500 cash for supplies. 0 30,0000 30,000 Dec. 3 - Pays $26,000 cash for equipment 0 30,000 0 30,000 Dec. 4 - Purchases $7.100 of supplies on credit from a supplier. 7,100 30,000 Dec. 5 - Provides consulting services and immediately collects $4,200 cash. Dec. 6 - Pays $1,000 cash for December rent. I 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 - Chas Taylor withdraws $200 cash for personal use. 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