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Wk 4 - Apply: Connect Homework [due Mon] i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 11 GLO301 - Based on the... LO A1, P1, P3 1 The unadjusted trial balance of the Fast Forward Company as of December 31, 2019 is found on the trial balance tab. The following points information is required to prepare the necessary adjusting entries for the Fast Forward Company. I) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $8,670. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. ) The equipment is expected to have a 5-year useful life, and be worth about $8,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, f any. 4) On December 26, the client paid a $3,000 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 6) Fast Forward's employee earns $70 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Fast Forward agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $2,700. The terms of the initial agreement call for Fast Forward to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay Fast Forward $2,700 on January 10, 2020, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. x Answer is not complete. Requirement General General Income t Owner Journal Ledger Trial Balance Impact on Statement Equity Balance Sheet income For transactions 1-6, review the unadjusted balance from the Trial Balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. No Date Account Title Debit Credit Dec 31 Insurance expense 100 Prepaid insurance 100 2 Dec 31 Supplies expense 1,050 Supplies 1,050 3 Dec 31 Depreciation expense - Equipment 300 Accumulated depreciation - Equipment 300 Dec 31 Unearned consulting revenue 250 Consulting revenue 250 5 Dec 31 Salaries expense O 350 X Salaries payable 350 X 6 Dec 31 Accounts receivable O 1,800 Consulting revenue 1,800