The FastForward Company began operations on December 1, 2019. The unadjusted trial balance of the FastForward Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the FastForward Company found in chapter 3. 1) 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. 3) 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, if 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 Uneared Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) FastForward's, employees 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, FastForward 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 FastForward to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay FastForward $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. Prepare the required adjusting and closing entries for the FastForward Company Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Work Sheet One of the benefits of a work sheet is that it links accounts and adjustments to their impacts in financial statements. Complete the work sheet bel Company Adjusted FastForward Company Work Sheet Income Statement St. of Owner's Equity & Balance Sheet Cr. Dr. Cr. Dr. Account Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Salarios payable Unearned consulting revenue C. Taylor, Capital C. Taylor, Withdrawals Consulting revenue For the Year Ended December 31, 2019 Unadjusted Trial Adjustments Adjusted Trial Balance Balance Dr. Cr. Dr. Cr. Dr. Cr. 4,275 4,275 0 1,800 1,800 9.720 1,050 8,670 2.400 100 2,300 26,000 26,000 300 300 6,200 6,200 350 350 3,000 250 2,750 30,000 30,000 200 200 5,800 2,050 7,850 300 300 300 1,400 300 350 100 1.000 Rental revenue Depreciation expense Salaries expense Insurance expense Rent expense Supplies expense Utilities expenso Totals Net income Totals 1,750 100 1,000 1.050 305 47,750 1,050 305 45,300 45,300 3,850 3,850 47.750 0 0 0 0 0 0 0 0 The FastForward Company began operations on December 1, 2019. The unadjusted trial balance of the FastForward Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the FastForward Company found in chapter 3. 1) 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. 3) 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, if 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 Uneared Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) FastForward's, employees 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, FastForward 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 FastForward to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay FastForward $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. Prepare the required adjusting and closing entries for the FastForward Company Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Work Sheet One of the benefits of a work sheet is that it links accounts and adjustments to their impacts in financial statements. Complete the work sheet bel Company Adjusted FastForward Company Work Sheet Income Statement St. of Owner's Equity & Balance Sheet Cr. Dr. Cr. Dr. Account Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Accounts payable Salarios payable Unearned consulting revenue C. Taylor, Capital C. Taylor, Withdrawals Consulting revenue For the Year Ended December 31, 2019 Unadjusted Trial Adjustments Adjusted Trial Balance Balance Dr. Cr. Dr. Cr. Dr. Cr. 4,275 4,275 0 1,800 1,800 9.720 1,050 8,670 2.400 100 2,300 26,000 26,000 300 300 6,200 6,200 350 350 3,000 250 2,750 30,000 30,000 200 200 5,800 2,050 7,850 300 300 300 1,400 300 350 100 1.000 Rental revenue Depreciation expense Salaries expense Insurance expense Rent expense Supplies expense Utilities expenso Totals Net income Totals 1,750 100 1,000 1.050 305 47,750 1,050 305 45,300 45,300 3,850 3,850 47.750 0 0 0 0 0 0 0 0