Check my work mode: This shows what is correct or incorrect for the work you have completed so 3 Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Assets Liabilities $1,325 Accounts Payable 665 Cash Accounts Receivable Supplies Part 3 of 6 750 Stockholders' Equity: 600 $1,500 Contributed Capital Retained Earnings 510 16.66 points Total Assets $2,675 Total Liabilities & Stk. Equity $2,675 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $24,000 of additional cash in the business 2a Supplies are purchased for $850 on account. 2b Insurance is paid for 12 months beginning January 1: $7,140 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,450 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,290 per month 3 FFD borrows $27000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $43,200. 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 $525 of the receivables from December's sales are collected 8 $532 of the accounts payable from December are paid 9 Performed services for customers on account. Mailed invoices totaling $9.400 Check my work mode: This shows what is correct or incorrect for the work you have completed sc 3 Additional Information for adjusting entries at January 31 a. Supplies on hand on January 31 total $290 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 Part 3 of 6 16.66 points 3. Prepare an unadjusted trial balance using the T-Account balances Answer is complete but not entirely correct. FAST DELIVERIES, INC Unadjusted Trial Balance January 31 Account Title Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent $ 10,628 5,865 870 595 2,300 Check my work mode: This shows what is correct or incorrect for the work you h 3 Required information 5,865 870 595 2,300 43,200 Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation- Equipment Accounts Payable Unearned Revenue Notes Payable Wages Payable Interest Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses Supplies Expenses Depreciation Expense Interest Expense Utilities Expense Tntale Part 3 of 6 16.66 points 1,798 1,220 27,000 1,290 25,500 510 17,810 2,580 815 R53 S S 75 128
