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Reto GLO201 - (No Analysis Tab) - Based on the FastForward Company LO A1, C3, C4, P1, P2, P3 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. Dec. Dec. 1 On December 1, Chas Taylor forms a consulting business, named FastForward. FastForward receives $30,000 cash from Chas Taylor as an owner contribution. Dec. 2 FastForward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. 3 Fast Forward pays $26,000 cash for equipment. 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 Fast Forward pays $1,000 cash for December rent. Dec. 7 FastForward pays $700 cash for employee salary. Dec. 8 FastForward 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 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. 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. NOLI Dec. Dec. Dec. Dec. Dec. 1 On December 1, Chas Taylor forms a consulting business, named Fast Forward. FastForward receives $30,000 cash from 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 accounts. 3 FastForward 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. 6 Fast Forward pays $1,000 cash for December rent. Dec. 7 FastForward pays $700 cash for employee salary. 8 FastForward 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 $990 cash as partial payment for its December 4 $7,100 purchase of supplies. Dec. 11 Chas Taylor withdraws $290 cash from Fast Forward for personal use. Dec. 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. 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 FastForward 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. Answer is not complete. un d balance as soon as you click "Record Entry". automatic No Date Account Title 1 Debit Dec 01 Credit Cash 30,000 C. Taylor, Capital 30,000 2 Dec 02 Supplies 2,500 Cash 2,500 3 Dec 03 Equipment 26,000 Cash 26,000 4 Dec 04 7,100 Supplies Accounts payable 7,100 26,000 4 Dec 04 Supplies Accounts payable 7,100 7,100 5 Dec 05 Cash 4,200 Consulting revenue 4,200 6 Dec 06 Rent expense 1,000 Cash 1,000 7 Dec 07 Salaries expense 700 Cash 700 8 Dec 08 Accounts receivable 1,900