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can someone help me with this and the other tabs Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last
can someone help me with this and the other tabs
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 belovw FAST DELIVERIES, INC. Balance Sheet at January Assets: Liabilities: Cash Accounts Receivable Supplics $12,400 Accounts Payable Stockholders' Fquity: $800 510 Common Stock 11,020 1,970 $13,790 Retained Earnings Total Assets $13,790 Ttl Liabilities and Stockholders' Equity Two employees have been hired, at a monthly salary of $2,020 each. The following transactions occurred during January of the current year Ch. January 1 2 $4,200 is paid for 12 months' insurance starting lanuary 1. (Record as an asset.) %3,600 is paid for 12 months of rent beginning January 1. (Record as an asset.) FDI borrows $36,000 cash from First State Bank al 6% annual interest; this note is payable in two years A delivery van is purchased using cash. Including tax, the total cost was $19,200 Stockholders contribute $,000 of additional cash to FDI for its common stock Additional supplies costing $1,000 are purchased on account and received 600 of accounts receivable arising from last year's December sales are collected $700 of accounts payable from December of last year are paid Performed services for customers on account. Sent invoices totaling $11,000 4 10 7,000 of services are performed for customers who paid immediately in cash 16 $2,020 of salaries are paid for the first half of the month FOI receives $3,500 cash from a customer for an advance order for services to be provided later in January and in February 20 25 $4,100 is collected from customers on account see January 9 transaction). ch. January Additional information for adjusting entries: A $800 bill arrives for January utility services. Payment is due February 15 Supplies on hand on January 31 are counted and determined to have cost $300 As of January 31, FDI had completed 60% of the deliveries for the customer who paid in advance on January 20. Accrue one month of interest on the bank loan. Yearly interest is determined by multiplying the amount borrowed by the annual interest rate (expressed as 0.06) r convenience, calculate January interest as one-twelfth of the annual interest Assume the van will be used for 4 ycars, after which it will have no value. Thus, cach year, one-fourth of the van's benefits will be used up, which implies aul depreciation equal to one-fourth of the van's total cost. Record depreciation for the month of anuary, equal to one twelfth of the annual depreciation expense. Salaries earned by employees for the period from January 16-31 are $1,010 per employee and will be paid on February 3 Adjust the prepaid asset accounts (for rent and insurance) as needed 31 31 31 31 31 31 31 Statement of Genera Journal General Ledger Income Requirement Trial Balance Statement Retained Balance Sheet Earnings Record journal entries for the transactions that occurred from January 1-25 and record all adjusting journal entries needed at January 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1234 5 6 78.. .. 21 $4,200 is paid for 12 months' insurance starting January 1Step by Step Solution
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