6. Prepare the adjusted trial balance, using the revised set of t-account balances. of 6 Answer is complete and correct. Credit FAST DELIVERIES, INC. Adjusted Trial Balance January 31 Account Title Debit Cash $ 7,407 Accounts Receivable 7,485 Supplies 520 Prepaid Rent 3,500 Prepaid Insurance 8,360 Equipment 69,600 Accumulated Depreciation- Equipment Accounts Payable Deferred Revenue Wages Payable Interest Payable Notes Payable Common Stock 1,450 3,132 1,940 2,060 195 39,000 37,000 prehensive Problem Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indica Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below: 1 of 6 Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Assets: Liabilities: Cash $ 2.150 Accounts Payable Accounts Recelvable 1,350 Stockholders' Equity Supplies 1,150 Common Stock Retained Earnings 5 $ 1.860 $2.000 790 Total Assets $4,650 Total Liabilities & Stk. Equity $4,650 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners Invest $35,000 of additional cash in the business. 2a Supplies are purchased for $1,450 on account. 2b Insurance is paid for 12 months beginning January 1: $9120 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $5.250 (Record as an asset) 2d Two employees are hired. Each employee will be paid $2.060 per month 3 FFD borrows $39,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash including tax the total cost was $69.600. It 6 will be used for 4 years and will be depreciated monthly using straight-line with no salvage value. A full month of depreciation will be charged in January. Prev 2 3 6 of 6 !!! Next > January Transactions for Francine's Fast Deliveries, Inc. (FFD) 5 Date 1 Owners invest $35,000 of additional cash in the business. 2a Supplies are purchased for $1.450 on account. 2b Insurance is paid for 12 months beginning January 1: $9,120 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $5,250 (Record as an asset) 2d Two employees are hired. Each employee will be paid $2,060 per month 3 FFD borrows $39.000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $69,600. It 6 will be used for 4 years and will be depreciated monthly using straight-line with no salvage value. A full month of depreciation will be charged in January 7 $945 of the receivables from December's sales are collected. 8 $1,488 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $11,800. 10 Services are performed for cash customers: $8,260. 16 Wages for the first half of the month are paid on January 16: $2,060. The company receives $4.850 from a customer for an advance order for services to be provided in January and February 25 Collections from customers on account (see January 9 transaction): $4,720 30a The last 2 weeks wages earned by employees are $1,030 per employee and will be paid on February 3. 306 A $1,310 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $520. b. The company completed 60% of the deliveries for the customer who paid in advance on January 20 C. Interest is accrued for the bank loan. (Assume a full month for the 1st State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed. ces 20 Saved Check my work mode: This shows what is correct or incorrect for the wc 6. Prepare the adjusted trial balance, using the revised set of t-account balances. 16 Answer is complete and correct. Credit 0 FAST DELIVERIES, INC Adjusted Trial Balance January 31 Account Title Debit Cash $ 7,407 Accounts Receivable 7,485 Supplies 520 Prepaid Rent 3,500 Prepaid Insurance 8,360 Equipment 69,600 Accumulated Depreciation Equipment Accounts Payable Deferred Revenue Wages Payable Interest Payable Notes Payable Common Stock 1,450 O 3,132 1,940 2,060 195 39,000 37000 0 Required information 520 3,500 8,360 69,600 Supplies Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation- Equipment Accounts Payable Deferred Revenue Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings Service Revenue Wages Expenses Utilities Expense Supplies Expenses Depreciation Expense Insurance Expense Rent Expense Interest Expense Totals 1,450 3,132 1,940 2,060 195 39,000 37,000 790 22,970 4,120 1,310 2,080 1,450 760 1,750 195 $ 108,537 $ 108,537 8