e Problem Required information The following information applies to the questions displayed below.) Francine's Fast Deliveries, Inc. (FD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Assets: Liabilities: Cash $ 1,550 Accounts Payable Accounts Receivable 950 Stockholders' Equity: Supplies Common Stock Retained Earnings $ 1,160 750 $ 1,500 590 Total Assets $3,250 Total Liabilities & Stk. Equity $3,250 January Transactions for Francine's Fast Deliveries. Inc (FFD) Date 1 Owners invest $27.000 of additional cash in the business 20 Supplies are purchased for $1,050 on account 26 Insurance is paid for 12 months beginning January 1: $7680 (Record as an asset 2c Rent is paid for 3 months beginning in January $3.900 Record as an asset) 20 TWO employees are hired Each employee will be paid $1.500 per month 1 2 3 6 of 6 !! Co search January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $27,000 of additional cash in the business 2a Supplies are purchased for $1,050 on account 2b Insurance is paid for 12 months beginning January 1: $7,680 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3.900 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,500 per month 3 FFD borrows $31,000 from 1st State Bank at 6% annual interest A delivery van is purchased for cash. Including tax the total cost was $50,400. 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 $665 of the receivables from December's sales are collected 8 $928 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $10,000. 10 Services are performed for cash customers: $7,000. 16 Wages for the first half of the month are paid on January 16: $1,500. 20. The company receives $3,650 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). $4,000 The last 2 weeks wages earned by employees are $750 per employee and will be paid on February 3 30 A $950 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 $360 The company completed 60% of the deliveries for the customer who pold in advance on January 20. Interest is accrued for the bank loan d. Record January depreciation. Ahshare ACC Rantan In 300 - e Problem Required information The following information applies to the questions displayed below.) Francine's Fast Deliveries, Inc. (FD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Assets: Liabilities: Cash $ 1,550 Accounts Payable Accounts Receivable 950 Stockholders' Equity: Supplies Common Stock Retained Earnings $ 1,160 750 $ 1,500 590 Total Assets $3,250 Total Liabilities & Stk. Equity $3,250 January Transactions for Francine's Fast Deliveries. Inc (FFD) Date 1 Owners invest $27.000 of additional cash in the business 20 Supplies are purchased for $1,050 on account 26 Insurance is paid for 12 months beginning January 1: $7680 (Record as an asset 2c Rent is paid for 3 months beginning in January $3.900 Record as an asset) 20 TWO employees are hired Each employee will be paid $1.500 per month 1 2 3 6 of 6 !! Co search January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $27,000 of additional cash in the business 2a Supplies are purchased for $1,050 on account 2b Insurance is paid for 12 months beginning January 1: $7,680 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3.900 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,500 per month 3 FFD borrows $31,000 from 1st State Bank at 6% annual interest A delivery van is purchased for cash. Including tax the total cost was $50,400. 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 $665 of the receivables from December's sales are collected 8 $928 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $10,000. 10 Services are performed for cash customers: $7,000. 16 Wages for the first half of the month are paid on January 16: $1,500. 20. The company receives $3,650 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). $4,000 The last 2 weeks wages earned by employees are $750 per employee and will be paid on February 3 30 A $950 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 $360 The company completed 60% of the deliveries for the customer who pold in advance on January 20. Interest is accrued for the bank loan d. Record January depreciation. Ahshare ACC Rantan In 300