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: Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Assets: Cash Accounts Receivable Liabilities: Accounts Payable Stockholders' Equity: Contributed Capital Retained Earnings $ 1,010 $1,475 900 700 Supplies $1,500 565 Total Assets $3,075 Total Liabilities & Stk. Equity $3,075 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $26.000 of additional cash in the business. 2a Supplies are purchased for $950 on account. 2b Insurance is paid for 12 months beginning January 1: $7,500 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,750 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,430 per month 3 FFD borrows $29.000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $48,000. 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 $630 of the receivables from December's sales are collected. 8 $808 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $9,800. Services are performed for cash customers: $6,860. 16 Wages for the first half of the month are paid on January 16: $1,430. The company receives $3,350 from a customer for an advance order for services 10 20 to be provided in January and February. 25 Collections from customers on account (see January 9 transaction): $3,920 The last 2 weeks wages earned by employees are $715 per employee and will be 30a paid on February 3. 30b A $905 utility bill for January arived. It is due on February 15. Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $330. The company completed 60% of the deliveries for the customer who paid in advance b. on January 20. C. Interest is accrued for the bank loan. (Assume a full month for the 1st State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed. Required: Record the transactions for January, the first full month of operations. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.)