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. Dec. 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. Dec. 2 FastForward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 FastForward pays $26,000 cash for equipment. Dec. 4 FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. Dec. 5 FastForward provides consulting services and immediately collects $4,200 cash. Dec. 6 FastForward pays $1,000 cash for December rent. Dec. 7 FastForward pays $700 cash for employee salary. Dec. 8 FastForward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. Dec. 9 FastForward receives $1,900 cash from the client billed on December 8. . 10 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies. FastForward pays $200 cash for dividends. . 11 Dec. 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. Dec. 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. Dec. 14 FastForward pays $120 cash for supplies. FastForward pays $305 cash for December utilities expense. FastForward pays $700 cash for employee salary. Dec. 15 Dec. 16 Trial Balance FS Impact General Journal St Retained Earnings General Balance Sheet Requirement Income Ledger Statement General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Retained Earnings Tab - Net income increases Retained earnings; Net losses and dividends decrease Retained earnings. Review the statement of retained earnings and indicate how the Statement of Retained Earnings is linked to the other financial statements. Balance Sheet Tab - Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the equity accounts, Common stock and Retained earnings balance. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. Financial Statement Impact Tab - It is important to be able to identify the impact each transaction has on the financial statements. For each of the transactions, indicate the cumulative amount of net income, total assets, total liabilities and total equity that would appear on the financial statements immediately after each transaction is recorded. Date Account Title Debit Credit Dec 01 No Transaction Recorded Dec 03 No Transaction Recorded Dec 04 No Transaction Recorded Dec 05 No Transaction Recorded Dec 06 No Transaction Recorded Dec 07 No Transaction Recorded Dec 08 No Transaction Recorded Dec 09 No Transaction Recorded Dec 10 No Transaction Recorded Dec 11 No Transaction Recorded Dec 12 No Transaction Recorded Dec 13 No Transaction Recorded