C4-6 Recording/Posting Transactions and Adjustments, and Preparing Trial Balances and Financial Statements--Requires Calculating Depreciation and Interest (Chapters 2, 3, and 4) (LO 2-3, L 3-3, LO 4- 2, LO 4.4) Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: 5 $ 400 Assets Cash Accounts Receivable Supplies FAST DELIVERIES, INC. Balance sheet at January Liabilities $10,500 Accounts Payable 840 Stockholders Sqaityt 500 Connon Stock Retained Earnings $11,840 Total Liabilities and stockholders' Equity OOK 117120 310 $11,840 Total Assets nes Two employees have been hired, at a monthly salary of $2,180 each. The following transactions occurred during January of the current year ch 2 2 2 January 1 2 3 2 2 2 2 2 3 3 4 5 6 7 $3,900 is paid for 12 monthnwurance starting January 1. Record as an asset 54,800 is paid for 12 months of rent beginning January 1. (Record as an asset. TDI borrows $32,400 cash from Tirat state Bank at 6 annul interest this note in payable in two years. A delivery van in purchased using cash. Theluding tax, the total cost was $19,200. stockholders contribute $4,000 of additional bash to o for its common stock Additional supplies conting $1,100 are purchased on account and received $400 of accounts receivable arising from last year's December sales are collected. 1800 of accounts payable from December of last year are paid Performed services for customers account. Bent Invoices totaling $11,000. $7.900 o serviens are performed for customers who paid Lumediately in canh $2,100 of salaries are paid for the first half of the month TOT receive 54.000 Cash on customer for an advance order for services to be provided later in January and in Tebrary $3,500 in collected from customers on account toe January transaction). 9 10 16 20 25 ch. 4 4 January Additional information for adjusting entries 31a A $1,200 bill arrives for January utility services. Paynent is due February 15. 31b. Supplies on hand on January 31 are counted and determined to have cost $300. 310. As of January 31, FDT had completed 606 of the deliveries for the customer who paid in advance on January 20. 31d. haere one month of interest on the bank loan. Yearly interest is determined by multiplying the amount borrowed by the annual interest rate (expressed as 9.06) Tor convenience, calculate January interest as one-twelfth of the annual interest. 3le. Assume the van will be used for 4 years, after which it will have no value. Thus each year, one-fourth of the van'a benefits will be used up, which implien annual depreciation equal to one-fourth of the van's total cost. Record depreciation for the month of January, equal to one-twelfth of the annual depreciation expense 311. Salaries earned by employees for the period from January 16-31 are $1,090 per employee and will be paid on February 3. 319. adjust the prepaid asset accounts for rent and insurance) as needed. C4-6 Part 2 2-a. Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions January 1-25, adjusting entries of January 31, 2.b. Prepare an unadjusted trial balance at January 31. Complete this question by entering your answers in the tabs below Reg 2A Reg 28 Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions January 1-25, adjusting entries of January 31 Cash Accounts Receivable Part 4 of 5 Beg Bal Beg. Bal. 15 points End, Bal End. Bal. cock Supplies Prepaid Insurance Beg. Bat. Beg. Bal. References End. Bal. End. Bal Prepaid Rent Equipment Beg Bal Beg Bal End, B. End. Bal Accumulated Depreciation Accounts Payable Beg Bal Beg Ba Required Information End. Bal. End. Bal. para os Part 4 of 5 Deferred Revenue Notes Payable (long-term) Beg. Bal Beg. Bal 15 Doints 0 End. Bal End. Bal Book Peint Interest Payable Salaries and Wages Payable References Beg Bal Beg Bal. End. Bal End. Bal Common Stock Retained Earnings Bee Bal Beg Bal End. Bal [End Ball Service Revenue Salaries and Wages Expense Beg Bal Beg Bal Utilities Expense Supplies Expenses Part 4 of 5 Beg. Bal. Bog. Bal 15 points End. Bal. End. Bal cook Interest Expense Insurance Expenses Beg Bal. Beg. Bal References End, Bal End. Bal Rent Expense Depreciation Expense Beg Ball Beg Bal Enda End Bal Reg 48 > Part 4 of 5 Complete this question by entering your answers in the tabs below. 15 points Req 4A Reg 48 BOOK Post the adjusting entries from part 3 and prepare an adjusted trial balance. (Do not round Intermediate calculat FAST DELIVERIES, INC. Adjusted Trial Balance Print References Debit Credit Account Titles Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Salaries and Wages Payable Interest Payable Notes Payable long-term) Common Stock Part 4 of 5 15 bon Book Pein Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Salaries and Wages Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earrings Service Revenue Salaries and Wages Expense Uits Expense Supplies Expenses Depreciation Expense Insurance Expense Rent Expense Interest Expense Total Wiference 5 05 0 Complete this question by entering your answers in the tabs below. 30 points Reg SA Reg 58 Reg 5C Box Print Prepare the statement of retained earnings References FAST DELIVERIES, INC Statement of Retained Earnings Retained earnings, beginning of period Retained earnings, ond of period $ Reg SA Reg 58 Rea SC Reg SC Part 5 of 5 Prepare the balance sheet. 30 points FAST DELIVERIES, INC Balance Sheet For the Year Ended January 31 Colloon Print Roterences 0 0 0 0 0 (Rog 60