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 $30,000 cash from Chas Taylor in exchange for common stock. December 2 FastForward pays $2,500 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. December 4 FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. December 5 FastForward provides consulting services and immediately collects $4,200 cash. December 6 FastForward pays $1,000 cash for December rent. December 7 FastForward pays $700 cash for employee salary. December 8 FastForward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. December 9 FastForward receives $1,900 cash from the client billed on December 8. December 10 FastForward pays CalTech Supply $980 cash as partial payment for its December 4 $7,100 purchase of supplies. December 11 FastForward pays $200 cash for dividends. December 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 premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. December 14 FastForward pays $120 cash for supplies. December 15 FastForward pays $305 cash for December utilities expense. December 16 FastForward pays $700 cash in employee salary for work performed in the latter part of December. An income statement reports the changes in equity attributable to the operation of the busines Revenues increase equity, and expenses decrease equity. FastForward Income Statement For Month Ended December 31, 2021 Revenues Consulting revenue Rental revenue 5,800 300 Total revenues Expenses Salaries expense 1,400 Rent expense 1,000 Utilities expense 305 Total expenses Net income Net income or loss is transferred from the income statement to the: S 8,100 2,705 S 3,395