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 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 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. es Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income For transaction 1 General Journal Requirement General Ledger Trial Balance Income Statement St Owner Equity Impact on income Balance Sheet Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted FastForward Income Statement For Month Ended December 31, 2019 Revenues: $ 7,600 Consulting revenue Rental revenue 300 Total revenues $ 7,900 Expenses: Depreciation expense - Equipment 300 Salaries expense Insurance expense Rent expense Supplies expense Utilities expense 1610 100 1,000 1,050 305 Total expenses 4.365 3.535 $ Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income 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.) Impact on net income $ (100) (1,050) Adjusted Account affecting the: Adjusting entry related to: Income statement Balance Sheet Insurance Insurance expense Prepaid insurance Supplies Supplies expense Supplies Depreciation expense Depreciation Accumulated depreciation - Equipment Equipment Fees collected in advance Consulting revenue Unearned consulting revenue Salaries Salaries expense Salaries payable Work performed in advance Consulting revenue Accounts receivable Total impact on income due to adjustments Net income before adjustments: Net income after adjustments. (300) 250 (210) 1,800 390 $ 0