Francine$$s Fast Deliveries, Inc. $($FFD$)$ was organized in December of $2011.$It had limited activity in $2011.$ The resulting balance sheet at the beginning of $2012$ is provided below:

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Francine$$s Fast Deliveries, Inc.

Balance Sheet

at January $1,2012$Assets:$$ Liabilities:$$Cash$$800$ Accounts Payable$$100$Accounts Receivable$400$ Stockholders$$ Equity:$$Supplies$200$ Common Stock$$1,000$ Retained Earnings$300$

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$$Total Assets$$1,400$ Total Liabilities & Stk$.$ Equity$$1,400$

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January Transactions for Francine$$s Fast Deliveries, Inc. $($FFD$)$

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$$Date$1$Owners invest $$17,000$ of additional cash in the business$\mathrm{.}2$a$$Supplies are purchased for $$500$ on account$\mathrm{.}2$b$$Insurance is paid for $12$ months beginning January $1$: $$5,880($Record as an asset$)2$c$$Rent is paid for $3$ months beginning in January: $$2,400($Record as an asset$)2$d$$Two employees are hired. Each employee will be paid $$800$ per month$3$FFD borrows $$20,000$ from $1$st State Bank at $6\%$ annual interest$\mathrm{.}6$

A delivery van is purchased for cash.$$Including tax the total cost was $$26,400.$ It 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$$$280$ of the receivables from December$$s sales are collected$\mathrm{.}8$$$80$ of the accounts payable from December are paid$\mathrm{.}9$Performed services for customers on account.$$Mailed invoices totaling $$8,000\mathrm{.}10$Services are performed for cash customers: $$5,600\mathrm{.}16$Wages for the first half of the month are paid on January $16$: $$800\mathrm{.}20$

The company receives $$2,000$ 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$)$: $$3,20030$a$$

The last $2$ weeks wages earned by employees are $$400$ per employee and will be paid on February $3.$

$30$b$$A $$500$ utility bill for January arrived. It is due on February $15.$

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Additional Information for adjusting entries at January $31$:

a$.$Supplies on hand on January $31$ total $$140.$b$.$

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 $1$st State Bank loan.$)$d$.$Record January depreciation.e$.$Adjust the prepaid asset $($Rent and Insurance$)$ accounts as needed.

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$7.$

Prepare end$-$of$-$January financial statements. $($Balance Sheet only, items to be deducted must be indicated with a negative amount.$)$