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 2) Based on a physical count, supplies on hand total $8,670. Review the unadjusted balance in Supplies, and prepare the necessary 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 4) On December 26, the client paid a $3,000 60-day fee in advance, covering December 27 to February 24. Review the unadjusted 5) FastForward's employee earns $70 per day for a five-day workweek beginning on Monday and ending on Friday. The employee balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. adjusting entry, if any balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any 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. 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.
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