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. December 1 On December 1, Chas Taylor forms a consulting business, named FastForward. FastForward receives $39, aee cash from Chas Taylor in exchange for common stock. Decenber 2 Fastforward pays $2,508 cash for supplies. The company's policy is to record atl prepaid expenses in asset accounts. December 3 FastForward pays $26,000 cash for equipment. December 4 FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. December 5 FastForward provides consulting services and innediately collects $4,200 cash. December 6 FastForward pays $1,008 cash for December rent. December 7 . FastFonward pays $700 cash for employee salary. December 8 FastForward provides consulting services of $1,600 and rents its test facilities for $309. The custoner is billed $1,900 for these services. December 9 FastForward receives $1,900 cash from the client billed on December 8 . Decenber 10 FastForward pays CalTech Supply $900 cash as partial payment for its Decenber 457,100 purchase of supplies. December 11 FastFonward pays $200 cash for dividends. Decenber 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, December 13 Fastforward pays $2,400 cash (insurance prenium) for a 24-month insurance policy. Coverage begins on December 1 . The company's policy is to record all prepaid expenses in a bolance sheet account. December 14 Fastfonard pays $120 cash for suppties. December 15 Fastforward pays $305 cash for December utilities expense. Decenber 16 FastForward pays $760 cash in employee salary for work performed in the latter part of Decenber. General Lndger Account \begin{tabular}{|c|c|r|r|r|} \hline 14 & December 14 & 120 & & 37,920 \\ \hline 15 & December 15 & & 305 & 37,615 \\ \hline 16 & December 16 & & 700 & 36,915 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|r|r|} \hline \multicolumn{5}{|c|}{} \\ \hline No. & Date & Debit & \multicolumn{1}{c|}{ Credit } & \multicolumn{1}{c|}{ Balance } \\ \hline & December 01 & & & 0 \\ \hline B 3 & December 03 & & 26,000 & (26,000) \\ \hline \end{tabular} \begin{tabular}{|r|c|c|r|r|} \hline \multicolumn{5}{|c|}{ Consulting revenue } \\ \hline No. & Date & Debit & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{c|}{ Balance } \\ \hline & December 01 & & & 0 \\ \hline 5 & December 05 & & 4,200 & 4,200 \\ \hline 12 & December 12 & 3,000 & & 1,200 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|r|r|} \hline \multicolumn{7}{|c|}{ Supplies expense } \\ \hline No. & Date & Debit & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{c|}{ Balance } \\ \hline & & & & 0 \\ \hline Q 4 & December 04 & & 7,100 & (7,100) \\ \hline \end{tabular} Utilities expense \begin{tabular}{|c|c|c|c|r|} \hline No. & Date & Dobit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & December 01 & & & 0 \\ \hline \$ 15 & December 15 & 305 & & 305 \\ \hline \end{tabular} Please verify that each of your final amounts agrees with the financial statements as of, or for the month ended