GL0201 – (No Analysis Tab) – Based on the Fast-forward Company LO A1, C3, C4, P1, P2, P3

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GL0201 – (No Analysis Tab) – Based on the Fast-forward Company LO A1, C3, C4, P1, P2, P3

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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 as an owner contribution.
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.
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 FastForward for personal use.
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.
Dec.   15   FastForward pays $305 cash for December utilities expense.
Dec.   16   FastForward pays $700 cash in employee salary for work performed in the latter part of December.

 

  • Requirement
  • General Journal
  • General Ledger
  • Trial Balance
  • Income Statement
  • St Owners Equity
  • Balance Sheet
  1. General Journal Tab – For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits.
  2. 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.
  3. 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.
  4. 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.
  5. Statement of Owner’s Equity Tab – Owner investments and withdrawals, as reported on the trial balance, appear on the statement of owner’s equity. Review the statement of owner’s equity and indicate how the statement of owner’s equity is linked to the other financial statements.
  6. Balance Sheet Tab – Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the ending capital balance. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements.

GL0202 (No Analysis Tab) – Based on Exercise 2-9 LO A1

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.

Jan.   1   Isaac Carter, owner, invested $157,750 cash in the company.
Jan.   2   The company purchased office supplies for $3,150 cash.
Jan.   3   The company purchased $16,050 of office equipment on credit.
Jan.   4   The company received $19,300 cash as fees for services provided to a customer.
Jan.   5   The company paid $16,050 cash to settle the payable for the office equipment purchased on January 3.
Jan.   6   The company billed a customer $4,600 as fees for services provided.
Jan.   7   The company paid $3,125 cash for the monthly rent.
Jan.   8   The company collected $2,550 cash as partial payment for the account receivable created on January 6.
Jan.   9   Isaac Carter withdrew $12,700 cash from the company for personal use.

 

GL0204 (No Analysis Tab) – Based on Problem 2-1A LO A1, C3, C4, P1, P2

Laura Pelcher opens a web consulting business called Pelcher Marketing and completes the following transactions in its first month of operations.
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.

Apr.   1   Pelcher invested $140,000 cash along with office equipment valued at $36,000 in the company.
Apr.   2   The company prepaid $21,000 cash for 12 months’ rent for office space. The company’s policy is record prepaid expenses in balance sheet accounts.
Apr.   3   The company made credit purchases for $10,000 in office equipment and $5,600 in office supplies. Payment is due within 10 days.
Apr.   6   The company completed services for a client and immediately received $10,000 cash.
Apr.   9   The company completed a $16,000 project for a client, who must pay within 30 days.
Apr.   13   The company paid $15,600 cash to settle the account payable created on April 3.
Apr.   19   The company paid $7,200 cash for the premium on a 12-month insurance policy. The company’s policy is record prepaid expenses in balance sheet accounts.
Apr.   22   The company received $9,600 cash as partial payment for the work completed on April 9.
Apr.   25   The company completed work for another client for $5,900 on credit.
Apr.   28   Pelcher withdrew $5,900 cash from the company for personal use.
Apr.   29   The company purchased $2,600 of additional office supplies on credit.
Apr.   30   The company paid $2,700 cash for this month’s utility bill.