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: Two employees have been hired, at a monthly salary of $2,700 each. The following transactions occurred during January of the current year. Janatary 1 \$ $4,200 is paid for 12 months' insurance starting Jantary 1 . (Record as an asset.) $4,800 in paid for 12 monthe of rent beginning January 1 . (record as an asset.) FDI borrows $28,800 cash from First state Bank at 5% annual intereat, this note is payable in two yeart. A delivery van is purchased using cash. Including tax, the total cost vag $24,000. Stockholders contribute $8,000 of additional canh to FDI for its conmon stock. Additional supplies costing $900 are purchased on account and received. $500 of accounts receivable arising from last year's December sales are collected. $400 of accounte payable from Deceaber of last year are paid. Performed services for customera on account, Sent invoices totaling $10,500. $7,900 of aervices are perforned for customers who paid immediately in cash. $2,700 of salaries are paid for the firat half of the nonth. FDI receives $4,000 cash from a customer for an advance order for services to be provided later in January and in February. 25 \$5, 500 is collected from custoners on account (see January 9 transaction). Whandy Additional information for adjubting entriesi 31a. A. 500 bill arrives for January utility nervices. Payment ls due February 15. 31b. Supplies on hand on January 31 are counted and determined to bave cost 5240 . 31c. As of January 31, FDI had completed 60t of the deliveries for the customer who paid in 3id. advance on January 20. Acerue one moeth of interest on the bank loan. Yearly intereat in deternined by multiplying the anount borrowed by the annual interest rate (expreased as 0.05). For convenience, calculate January interest as one-tvelfth of the annual interest. 31e. Alaume the van vil1 be used for 4 years, after which it will have no value. Thus, each year, one-fourth of the van' i benefita will be used up, which inplies annual depreciation equal to one-fourth of the van' i total cost. Record depreeiation for the month of January, equal to one-twelfth of the annual depreciation expenie. 31f. Salaries earned by enployeen for the period from January 16 to 31 are $1,350 per 31g. Adjust the prepaid asset accounts (for rent and inuurance) as needed. 1 Record the adjusting entry for receipt of a $800 bill for January utility services. Payment is due February 15. 2 Record the adjusting entry for supplies on hand on January 31 that are counted and determined to have cost $240. 3 Record the adjusting entry for FDI's completion by January 31 of 60% of the deliveries for the customer who paid in advance on January 20. 4 Record the adjusting entry for the accrual of one month of interest on the bank loan. 5 Record the adjusting entry for depreciation for the month of January, equal to one-twelfth of the annual depreciation expense. 6 Record the adjusting entry for salaries earned by employees for the period from January 1631, which are $1,350 per employee and will be paid on February 3. 7 Record the adjusting entry to adjust the prepaid asset accounts for insurance as needed. 8 Record the adjusting entry to adjust the prepaid asset accounts for rent as needed