FAST DELIVERIES Liabilities Accounts Payable Cash Accounts Raceivable sse Stockhoiders Equity: 75e Common Stock Retained Earnings Total Assets 12,130 Total Liabilities and Stockholders' Equity Two employees have been hired, at a monthly salary of $2.540 each. The following transactions occurred during January of the current year i ss,100 is paid for lionths. nsurance starting January 1: (Record as an. asset.) 24,800 is paid for 12 sonths of rent beginning January 1. (Record as an asset.) FDZ borrows 534,880 cash fron First State Bank at 43 annual interest; this note is payable in two years 4A delivery van is purchased using cash. Including tax, the total cost was $24,eee s stockholders contribute S8,000 of additional cash to ror for its comon stock 6Additional supplies costing $1,500 are purchased on account and received. 400 of accounts raceivable arising from last year's Decenber sales are collected Perforeed services for cus tomers on account. Sent ivoices totaling $11,9e0 $2,540 of salaries are paid for the First half of the month For receives 33,09 cash from a custoner for an advance order for services to be provided 2B $488 of accounts payable fron December of last year are paid 137,6e0 of services are perforsed for customers who paid innediately in cash. 16 25 is collected from custosers on account (see January 9 transact ion) ust ina s90 bi11 arrives for January utility services. Payeent is due February 15 Supplies on hand on January 31 are counted and determined ta have cost $21 As of January 31. PDI had completed 60% of the deliveries for the customer who paid in aAccroe one month f Interest on the bank loan. vearcly snterest is determined by muit Acrus one sonth or interest on the bank Jows: vearly snterest i deterined by muitiolying twelfth of the annual interest 3 Assume the van will be ssed for 4 years, after Which it wll have no value. Thus, each be used up, which splies annual depreciation , one-fourth of the van's benefits wil equai to one-fourth of the van's total cost. Recard depreciation for the month of January, equal to one-twel fth of the annual depreciation expense. Salaries earned by enployees for the period from 3anuary 16-31 are $1,27e per employee and will be paid on February asset accounts (for rent and insurance) as needed. General Ledger Trial Balance Income Statement of Statement Retained Balance Sheet arnings General Journal tab Prepare the journal entries to record the transactions that occurred from January 1-25. Review the accounts as shown in the General Ledger and Trial Balance tabs. Then prepare the necessary adjusting entries at anuary 31 to correctly report net income for the period. General Ledger tab- Each journal entry is posted automatically to the general ledger. Use the drep-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger Trial Balance tab- You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the Income Statement tab Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. Statement of Retained Earnings tab . Prepare the statement of retainedarning" for the year-nded 'anuary a, Balance Sheet tab- Use the drop down to select the accounts to properly included on the balance sheet. The unadjusted. adjusted, or post-closing balances will appear for each account, based on your selection. FAST DELIVERIES Liabilities Accounts Payable Cash Accounts Raceivable sse Stockhoiders Equity: 75e Common Stock Retained Earnings Total Assets 12,130 Total Liabilities and Stockholders' Equity Two employees have been hired, at a monthly salary of $2.540 each. The following transactions occurred during January of the current year i ss,100 is paid for lionths. nsurance starting January 1: (Record as an. asset.) 24,800 is paid for 12 sonths of rent beginning January 1. (Record as an asset.) FDZ borrows 534,880 cash fron First State Bank at 43 annual interest; this note is payable in two years 4A delivery van is purchased using cash. Including tax, the total cost was $24,eee s stockholders contribute S8,000 of additional cash to ror for its comon stock 6Additional supplies costing $1,500 are purchased on account and received. 400 of accounts raceivable arising from last year's Decenber sales are collected Perforeed services for cus tomers on account. Sent ivoices totaling $11,9e0 $2,540 of salaries are paid for the First half of the month For receives 33,09 cash from a custoner for an advance order for services to be provided 2B $488 of accounts payable fron December of last year are paid 137,6e0 of services are perforsed for customers who paid innediately in cash. 16 25 is collected from custosers on account (see January 9 transact ion) ust ina s90 bi11 arrives for January utility services. Payeent is due February 15 Supplies on hand on January 31 are counted and determined ta have cost $21 As of January 31. PDI had completed 60% of the deliveries for the customer who paid in aAccroe one month f Interest on the bank loan. vearcly snterest is determined by muit Acrus one sonth or interest on the bank Jows: vearly snterest i deterined by muitiolying twelfth of the annual interest 3 Assume the van will be ssed for 4 years, after Which it wll have no value. Thus, each be used up, which splies annual depreciation , one-fourth of the van's benefits wil equai to one-fourth of the van's total cost. Recard depreciation for the month of January, equal to one-twel fth of the annual depreciation expense. Salaries earned by enployees for the period from 3anuary 16-31 are $1,27e per employee and will be paid on February asset accounts (for rent and insurance) as needed. General Ledger Trial Balance Income Statement of Statement Retained Balance Sheet arnings General Journal tab Prepare the journal entries to record the transactions that occurred from January 1-25. Review the accounts as shown in the General Ledger and Trial Balance tabs. Then prepare the necessary adjusting entries at anuary 31 to correctly report net income for the period. General Ledger tab- Each journal entry is posted automatically to the general ledger. Use the drep-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger Trial Balance tab- You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the Income Statement tab Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. Statement of Retained Earnings tab . Prepare the statement of retainedarning" for the year-nded 'anuary a, Balance Sheet tab- Use the drop down to select the accounts to properly included on the balance sheet. The unadjusted. adjusted, or post-closing balances will appear for each account, based on your selection