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 Decenber 1, Chas Taylor foras a consulting business, naned FastForward. FastForward receives $30,000 cash from Chas Taytor as an owner contribution. Decenber 2 Fastforward pays $2,580 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 FastForward pays $26,000 cash for equipment. Decenber 4 Fastfonvard purchases $7,100 of supplies on credit fron a supplier, CalTech Supply. Decenber 5 Fastfonard provides consulting services and innediately collects 54,200 cash. Decenber 6 Fastforward pays $1,000 cash for December rent. December 7 FastForvard pays $700 cash for employee salary. becenber 8 Fastformard provides consulting services of $1,600 and rents its test facilities for $380. The customer is bitled $1,900 for these services. December 9 Fastforward receives $1,900 cash fron the client bitled on Decenber 8 . Decenber 10 FastForward pays CalTech Supply $900 cash as partial payment for its becenber 4 \$7,168 purchase of supplies. December 11 Chas Taylor withdraws $200 cash from FastFormard for personal use. December 12 Fastforward receives $3,000 cash in advance of providing consulting services to a custoner. The conpany's policy is to record fees collected in advance in a balance sheet account. Decenber 13 fastrorward pays $2,400 cash (insurance premium) for a 24 -month insurance policy. Coverage begins on December 1. The company's policy is to record atl prepaid expenses in a batance sheet account. Decenber 14 Fastfonard pays $120 cash for supplies. December 15 Fastforward pays $305 cash for Decenber utilities expense. becenber 16 FastForward pays $700 cash in employee salary for work perforned in the latter part of December. 8 Answer is complete but not entirely correct. My Apps Dashboard | Chottahoochee Technical College M Question 1-Cha General Ledger Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does noi