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Francines Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Liabilities: $ 1,475 Accounts Payable 900 Stockholders Equity 700 Contributed Capital Retained Earnings Assets Cash
Francines Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Liabilities: $ 1,475 Accounts Payable 900 Stockholders Equity 700 Contributed Capital Retained Earnings Assets Cash Accounts Receivable Supplies $ $1.500 565 Total Assets $3,075Total Liabilities & Stk. Equity $3,075 January Transactions for Francines 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 1 ^ (Sl) State Bank at 6% annual interest . A delivery van is purchased for cashIncluding 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 Decembers 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 . 10 Services are performed for cash customers : $6,860. 16 Wages for the first half of the month are paid on January 16$1,430. 20 The company receives $3,350 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 ): $3,920 30a The last 2 weeks wages earned by employees are $715 per employee and will be paid on February 3 A $905 utility bill for January arrived . It is due on February 15. record the transactions for january
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