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: Post the beginning balances and January transactions to the T$-$Accounts.

Note: You need the totals for the T$-$accounts after Part $2$ in order to complete the unadjusted trial balance on Part $3$; however, Part $2$ will not be marked complete until the adjusting entries from Part $4$ are posted to the T$-$accounts.

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:

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

Date

$1$ Owners invest $$28,000$ of additional cash in the business.

$2$a Supplies are purchased for $$1,100$ on account.

$2b$ Insurance is paid for $12$ months beginning January $1$: $$7,860($Record as an asset$)$

$2$c Rent is paid for $3$ months beginning in January: $$4,050($Record as an asset$)$

$2$d Two employees are hired. Each employee will be paid $$1,570$ per month

$3$ FFD borrows $$32,000$ from $1^{st}$ State Bank at $6\%$ annual interest.

A delivery van is purchased for cash. Including tax the total cost was $$52,800.$ 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$$$700$ of the receivables from December's sales are collected.

$8$$$1,048$ of the accounts payable from December are paid.

$9$ Performed services for customers on account. Mailed invoices totaling $$10,200.$

$10$ Services are performed for cash customers: $$7,140.$