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question the following information is required to prepare the necessaryadjusting ent 4283029

Question

The following information is required to prepare the necessaryadjusting entries for the FastForward Company found in chapter 3.1) The balance in Prepaid insurance represents a 24-month policythat went into effect on December 1, 2015. Review the unadjustedbalance in Prepaid insurance, and prepare the necessary adjustingentry, if any. 2) Based on a physical count, supplies on hand total$8,670. Review the unadjusted balance in Supplies, and prepare thenecessary adjusting entry, if any. 3) The equipment is expected tohave a 5-year useful life, and be worth about $8,000 at the end offive years. Review the unadjusted balance in Accumulateddepreciation, and prepare the necessary adjusting entry, if any. 4)On December 26, the client paid a $3,000 60-day fee in advance,covering December 27 to February 24. Review the unadjusted balancein Unearned Consulting Revenue, and prepare the necessary adjustingentry, if any. 5) FastForward's employees earns $70 per day for afive-day workweek beginning on Monday and ending on Friday. Theemployee was last paid on Friday, December 26. Review theunadjusted balance in Salaries expense, and prepare the necessaryadjusting entry, if any. 6) In the second week of December,FastForward agreed to provide 30 days of consulting services to alocal fitness club for a fixed fee of $2,700. The terms of theinitial agreement call for FastForward to provide services fromDecember 12, 2015, through January 10, 2016, or 30 days of service.The club agrees to pay FastForward $2,700 on January 10, 2016, whenthe service period is complete. Review the unadjusted balance inConsulting revenue, and prepare the necessary adjusting entry, ifany. Prepare the required adjusting and closing entries for theFastForward Company.

 

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