The unadjusted trial balance of the FastForward Company as of December 31, 2017 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, 2017 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 gecessary adjusting entry, if any 3) The equipment is expected to have an 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, 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 Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any 5) FastForward'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 xpense, and prepare the necessary adjusting entry, if any. 6) In thc 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, 2017, through January 10 2018, or 30 days of service. The club agrees to pay FastForward $2,700 on January 10, 2018, when the service period is complete Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any General General Income St Retained Requirement Impact on income Trial Balance Balance Sheet Journal Ledger Statement Earnings Use the drop-downs to select the accounts properly included balances will appear for each account, based on your selection. on the income statement. The unadjusted or adjusted Adjusted FastForward Income Statement For Month ended December 31, 2017 Revenues: 0 Expenses: 0 0 0 Impact on income St Retained Income General Journal General Balance Sheet Trial Balance Requirement Earnings Statement Ledger The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted FastForward Statement of Retained Earnings For Month ended December 31, 2017 0 Retained earnings. December 1, 2017 Add Net income (200) Less: Dividends Retained earnings, December 31, 2017 Balance Sheet Income Statement St Retained Earnings General General Income Impact on income Requirement Balance Sheet Trial Balance Ledgr Journal Statement Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Include all balance sheet accounts, even those with zero balances. Adjusted FastForward Balance Sheet December 31, 2017 Assets 0 0 C 0 0 Impact on income St Retained General Ledger Income General Journal Require Balance Sheet Trial Balance Earnings Statement For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Adjusted Impact on net income Account affecting the: Balance Sheet Income statement Adjusting entry related to: (100) Prepaid insurance Supplies Accumulated depreciation Equipment Unearned consulting revenue Insurance expense Insurance Supplies expense Depreciation expense- Equipment Supplies Depreciation Fees collected in advance Salaries Consulting revenue Salaries payable Salaries expense Work performed in advance Accounts receivable Corlsulting revenue (100) S Total impact on income due to adjustments Net income before adjustments Net Income after adjustments