Fast Deliveries, Incorporated (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: Assets: Cash FAST DELIVERIES, INCORPORATED Balance Sheet at January 1 Liabilities: 760 $ 11,100 Accounts Receivable Supplies Total Assets Accounts Payable Stockholders' Equity: Common Stock Retained Earnings 620 $ 12,480 Total Liabilities and Stockholders' Equity $ 400 11,650 430 $ 12,480 Two employees have been hired, at a monthly salary of $2,860 each. The following transactions occurred during January of the current year. January 1 2 3 4 5 6 7 9 10 16 20 25 January 31a. 31b. 310. 31d. $5,100 is paid for 12 months' insurance starting January 1. (Record as an asset.) $4,800 in paid for 12 months of rent beginning January 1. (Record as an asset.) FDI borrows $30,000 cash from First State Bank at 61 annual interest; this note is payable in two years. A delivery van is purchased using cash. Including tax, the total cost was $28,800. Stockholders contribute $7,000 of additional cash to FDI for its common stock. Additional supplies costing $1,400 are purchased on account and received. $500 of accounts receivable arising from last year's December sales are collected. $300 of accounts payable from December of last year are paid. Performed services for customers on account. Sent invoices totaling $10,300. $7,200 of services are performed for customers who paid immediately in cash. $2,860 of salaries are paid for the first half of the month. FDI receives $3,600 cash from a customer for an advance order for services to be provided later in January and in February. $3,100 is collected from customers on account (see January 9 transaction). Additional information for adjusting entries A $1,100 bill arrives for January utility services. Payment is due February 15." Supplies on hand on January 31 are counted and determined to have cost $210.. 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