Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection, Adjusted FastForward Income Statement For Month ended December 31, 2017 Expenses: OOO OOO Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted FastForward Statement of Retained Earnings For Month ended December 31, 2017 Retained earnings, December 1, 2017 Add: Net income Less: Dividends Retained earnings, December 31, 2017 (200) Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjuste balances will appear for each account, based on your selection. Include all balance sheet accounts, even those wil zero balances. Adjusted FastForward Balance Sheet December 31, 2017 Assets Liabilities Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Adjusted Impact on net income Account affecting the: Adjusting entry related to: Income statement Balance Sheet Insurance Insurance expense Prepaid insurance Supplies Supplies expense Supplies Depreciation expense- Depreciation Accumulated depreciation - Equipment Equipment Fees collected in advance Consulting revenue Salaries payable Salaries Salaries expense Salaries payable Work performed in advance Consulting revenue Accounts receivable Total impact on income due to adjustments Not Income before adjustments Net Income after adjustments The unadjusted trial balance of the FastForward Company as of December 31, 2017 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the FastForward Company found in chapter 3 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2017. Review the unadjusted balance in Prepaid Insurance, and prepare the necessary adjusting entry, if any 2) Based on a physical count, supplies on hand total $8.670. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5-year useful life, and be worth about $8.000 at the end of five years Review the unadjusted balance in Accumulated depreciation and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26, the client paid a $3000 60-day fee in advance covering December 27 to February 24 Review the uradjusted balance in Unearned Consulting Revenue and prepare the necessary adjusting entry, if any 5) FastForward's employee earns $70 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense and prepare the necessary adjusting entry, if any. 6) in the second week of December. FastForward agreed to provide 30 days of consulting Services to a local fitness club for a fixed fee of $2.700. The terms of the initial agreement call for FastForward to provide services from December 12, 2017 through January 10 2018. or 30 days of service. The club agrees to pay FastForward $2.700 on January 10, 2018 when the service period is complete Review the unadjusted balance in Consulting revenue and prepare the necessary adjusting entry. If any Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income For transactions 1-6, review the unadjusted balance from the Trial Balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. View transaction list View journal entry worksheet Debit Credit No Account Title Date Dec 31 Insurance expense Prepaid Insurance Dec 31 Supplies expense Supplies Dec 31 Depreciation expense Equipment Accumulated depreciation Equipment Dec la Unearned consulting revenue Consulting revenue Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Show less Adjusted General Ledger Account Supplies Cash Debit Balance Credit Date Debit Balance Credit No. Date Dec 31 4 275 Dec 31 9.720 8.670 Dec 31 1.050 Prepaid insurance Debit Credit Equipment Debit Date Credit Balance Balance 26.000 Dec 311 Date Dec 31 Dec 31 2 400 2.300 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income You may view either the unadjusted or adjusted trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Adjusted FastForward Trial Balance December 31, 2017 Debit Credit Account Title 4 275 Cash 8670 2300 26.000 Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Uneamed consulting revenue Common stock Dividends 300 6.200 210 2.750 30.000 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted FastForward Income Statement For Month ended December 31, 2017 Revenues: Expenses: Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance The unadjusted or adjusted balances will appear for each account, based on your Selection. Adjusted FastForward Statement of Retained Earnings For Month ended December 31, 2017 Retained earnings, December 1, 2017 Add: Net income Less: Dividends Retained earnings, December 31, 2017 (200) Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjuste balances will appear for each account, based on your selection. Include all balance sheet accounts, even those wil zero balances. Adjusted FastForward Balance Sheet December 31, 2017 Assets Liabilities Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Adjusted Impact on net income Account affecting the: Adjusting entry related to: Income statement Balance Sheet Insurance Insurance expense Prepaid insurance Supplies Supplies expense Supplies Depreciation expense- Depreciation Accumulated depreciation - Equipment Equipment Fees collected in advance Consulting revenue Salaries payable Salaries Salaries expense Salaries payable Work performed in advance Consulting revenue Accounts receivable Total impact on income due to adjustments Not Income before adjustments Net Income after adjustments The unadjusted trial balance of the FastForward Company as of December 31, 2017 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the FastForward Company found in chapter 3 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2017. Review the unadjusted balance in Prepaid Insurance, and prepare the necessary adjusting entry, if any 2) Based on a physical count, supplies on hand total $8.670. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5-year useful life, and be worth about $8.000 at the end of five years Review the unadjusted balance in Accumulated depreciation and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26, the client paid a $3000 60-day fee in advance covering December 27 to February 24 Review the uradjusted balance in Unearned Consulting Revenue and prepare the necessary adjusting entry, if any 5) FastForward's employee earns $70 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense and prepare the necessary adjusting entry, if any. 6) in the second week of December. FastForward agreed to provide 30 days of consulting Services to a local fitness club for a fixed fee of $2.700. The terms of the initial agreement call for FastForward to provide services from December 12, 2017 through January 10 2018. or 30 days of service. The club agrees to pay FastForward $2.700 on January 10, 2018 when the service period is complete Review the unadjusted balance in Consulting revenue and prepare the necessary adjusting entry. If any Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income For transactions 1-6, review the unadjusted balance from the Trial Balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. View transaction list View journal entry worksheet Debit Credit No Account Title Date Dec 31 Insurance expense Prepaid Insurance Dec 31 Supplies expense Supplies Dec 31 Depreciation expense Equipment Accumulated depreciation Equipment Dec la Unearned consulting revenue Consulting revenue Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Show less Adjusted General Ledger Account Supplies Cash Debit Balance Credit Date Debit Balance Credit No. Date Dec 31 4 275 Dec 31 9.720 8.670 Dec 31 1.050 Prepaid insurance Debit Credit Equipment Debit Date Credit Balance Balance 26.000 Dec 311 Date Dec 31 Dec 31 2 400 2.300 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income You may view either the unadjusted or adjusted trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Adjusted FastForward Trial Balance December 31, 2017 Debit Credit Account Title 4 275 Cash 8670 2300 26.000 Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Uneamed consulting revenue Common stock Dividends 300 6.200 210 2.750 30.000 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted FastForward Income Statement For Month ended December 31, 2017 Revenues: Expenses: Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance The unadjusted or adjusted balances will appear for each account, based on your Selection. Adjusted FastForward Statement of Retained Earnings For Month ended December 31, 2017 Retained earnings, December 1, 2017 Add: Net income Less: Dividends Retained earnings, December 31, 2017 (200)