Question

Help Save & Exit Check 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 Fast forward. FastForward receives $30,000 cash Dec. from Chas Taylor as an owner contribution accounts. 2 Fast Forward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset Dec. 3 Fast Forward pays $26,000 cash for equipment. Dec. 4 Fast Forward 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 Fast Forward pays $1,000 cash for December rent. Dec. 7 FastForward pays $700 cash for employee salary. Dec. 8 Fast Forward 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. Dec. 10 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies. Dec. 11 Chas Taylor withdraws $200 cash from Fast Forward for personal use. Dec. 12 Fast Forward 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. insurance premium) for a 24-month insurance policy. Coverage begins on December 1. Dec. 13 Fast Forward pays $2,400 cash The company's policy is to record all prepaid expenses in a balance sheet account. Dec. 14 Fast Forward pays $120 cash for supplies. Dec. 15 Fast Forward pays $305 cash for December utilities expense. Dec. 16 Fast Forward pays $700 cash in employee salary for work performed in the latter part of December. ences Balance Sheet FS Impact St Owners Equity General Journal General Ledger Trial Balance That balance Income Statement Requirement The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! Show less Total Liabilities Total Equity Net Income Total Assets Transaction: Ratana chaat Ranva shat income not find each of an answer Where can < Prev 6 of 8 Next > !!!

Answer 1

Answer:

Transaction:	Net income	Total Assets	Total liabilities	Total Equity
Where can you go to find each of your answers?	Income Statement	Balance Sheet	Balance Sheet	Balance Sheet
Dec.1 - FastForward receives $30,000 cash from chas Taylor as an owner contribution		$30,000		$30,000
Dec.2 - Pays $2,500 cash for supplies		$30,000
Dec.3 - Pays $26,000 cash for equipment		$30,000
Dec.4 - Purchases $7,100 of supplies on credit from a supplier		$37,100	$7,100
Dec.5 - Provides consulting services and immediately collects $4,200 cash	$4,200	$41,300
Dec.6 - Pays $1,000 cash for December rent.	$3,200	$40,300
Dec.7 - Pays $700 cash for employee salary	$2,500	$39,600
Dec.8 - Provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services	$4,400	$41,500
Dec.9 - Receives $1,900 cash from the client billed on December 8		$41,500
Dec.10 - Pays CalTech supply $900 cash toward the payable from December 4		$40,600	$6,200
Dec.11 - Chas Taylor withdraws $200 from personal use.		$40,400		$29,800
Dec.12 - Receives $3,000 cash in advance of providing consulting services to a customer		$43,400	$9,200
Dec.13 - pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1		$43,400
Dec.14 - pays $120 cash for supplies		$43,400
Dec 15 - pays $305 cash for December utilities expense	$4,095	$43,095
Dec . 16 - Pays $700 cash in employee salary for work performed in the latter part of December	$3,395	$42,395