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 Prepald 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 pald 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. Requirement General General Income Trial Balance St Owner Balance Journal Impact on Ledger Statement Equity 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. View transaction list Journal entry worksheet 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. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 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. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 > 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. 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. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on 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. View transaction list Journal entry worksheet Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income 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. Unadjusted FastForward Income Statement For Month Ended December 31, 2019 Revenues: $ 0 0 Expenses: 0 0 0 0 0 0 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income The unadjusted or adjusted balances will appear for each account, based on your selection. Unadjusted FastForward Statement of Owner's Equity For Month Ended December 31, 2019 C. Taylor, Capital, December 1, 2019 S Add: Net income Less: Withdrawals by owner C. Taylor, Capital, December 31, 2019 30,000 (200) 29,800 $ Income Statement Balance Sheet > Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income 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. Unadjusted FastForward Balance Sheet December 31, 2019 Assets S 0 0 0 0 0 0 0 Liabilities S 0 0 0 0 Equity 0 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. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 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. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 > 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. 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. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on 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. View transaction list Journal entry worksheet Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income 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. Unadjusted FastForward Income Statement For Month Ended December 31, 2019 Revenues: $ 0 0 Expenses: 0 0 0 0 0 0 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income The unadjusted or adjusted balances will appear for each account, based on your selection. Unadjusted FastForward Statement of Owner's Equity For Month Ended December 31, 2019 C. Taylor, Capital, December 1, 2019 S Add: Net income Less: Withdrawals by owner C. Taylor, Capital, December 31, 2019 30,000 (200) 29,800 $ Income Statement Balance Sheet > Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income 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. Unadjusted FastForward Balance Sheet December 31, 2019 Assets S 0 0 0 0 0 0 0 Liabilities S 0 0 0 0 Equity 0