Francines Fast Deliveries, Inc. (FFD) was organized in December last year. The resulting balance sheet at the beginning of the current provided below:

Francines Fast Deliveries, Inc. Balance Sheet at January 1
Assets:				Liabilities:
Cash	$	10,900		Accounts Payable	$	500
Accounts Receivable		800		Stockholders Equity:
Supplies		400		Contributed Capital	$	11,000
				Retained Earnings		600
Total Assets	$	12,100		Total Liabilities & Stk. Equity	$	12,100
Two employees have been hired, at a monthly salary of $2,200 each.

January Transactions for Francines Fast Deliveries, Inc. (FFD)

Date
1	$5,700 is paid for 12 months insurance starting Jan 1 (record as an asset)
2	$4,200 is paid for 12 months of rent beginning Jan 1 (record as an asset)
3	FFD borrows $30K cash from the bank at 6% annual interest, this is notes payable in 2 years
4	A delivery can is purchased using cash. Including tax, the total cost was $24K
5	Stockholders contribute 6K of additional cash to FFD for its common stock
6	Additional supplies costing $1K are purchased on account and received
7	$600 of accounts receivable arising from last year's DEC sales are collected.
8	$400 of account payable from DEC of last year are paid
9	Performed services for customers on account. Sent invoices totaling $10,400
10	$7,600 of services are performed for customers who paid immediately in cash
16	$2,200 of salaries are paid for the first half of the month.
20	FFD receives $3,500 cash from a customer for an advance order for services to be provided late in Jan and in FEB
25	$4,500 is collected from customer on account (See JAN 9 transaction)

Additional Information for adjusting entries :

31a.	A $1,200 bill arrives for JAN utility services. Payment is due 2/15
31b.	supplies on hand on JAN 31 are counted and determined to have cost $250
31c.	As of Jan 31, FFD had completed 60% of the deliveries for the customer who paid in advance on Jan 20
31d.	Accrue one month of interest on the bank loan. Yearly interest is determined by multiplying amount borrowed by the annual interest rate (expressed as 0.06)
31e.	Assume the van will be used in 4 years, after it will have no value. Thus, each year, 1/4 of the van benefits will be used up, which implies annual depreciation equal to 1/4 of the van total cost. Record depreciation for the month of JAN, equal to 1/12 of the annual depreciation expense.

31f.	Salaries earned by the employees for the period from JAN 16-31 are $1,100 per employee and will be paid on FEB 3.

31g.	Adjust the prepaid asset account (for rent and insurance as needed).

-Record journal entries for the transactions dated January 1-25 of the current year on the enclosed journal entry form.

-Post each of the entries to the correct T-accounts on the enclosed T-account form.

-Use the balances in the T-accounts as needed and the information given to calculate the adjusting journal entries for January 31.

-Record the adjusting journal entries dated January 31 of the current year on the enclosed journal entry form.

-Total each T-account and record the ending balance on the correct side of the T-account.

-Prepare the 3 Financial statements in good form using the final ending balances as of January 31, current year

THANK YOU!!!!