Francines 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:

Francines Fast Deliveries, Inc. Balance Sheet at January 1, 2012
Assets:				Liabilities:
Cash	$	950		Accounts Payable	$	400
Accounts Receivable		500		Stockholders Equity:
Supplies		300		Contributed Capital	$	1,000
				Retained Earnings		350
Total Assets	$	1,750		Total Liabilities & Stk. Equity	$	1,750

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

Date
1	Owners invest $19,000 of additional cash in the business.
2a	Supplies are purchased for $600 on account.
2b	Insurance is paid for 12 months beginning January 1: $6,240 (Record as an asset)
2c	Rent is paid for 3 months beginning in January: $2,700 (Record as an asset)
2d	Two employees are hired. Each employee will be paid $940 per month
3	FFD borrows $22,000 from 1st State Bank at 6% annual interest.
6	A delivery van is purchased for cash. Including tax the total cost was $31,200. 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	$350 of the receivables from Decembers sales are collected.
8	$320 of the accounts payable from December are paid.
9	Performed services for customers on account. Mailed invoices totaling $8,400.
10	Services are performed for cash customers: $5,880.
16	Wages for the first half of the month are paid on January 16: $940.
20	The company receives $2,300 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): $3,360
30a	The last 2 weeks wages earned by employees are $470 per employee and will be paid on February 3.
30b	A $590 utility bill for January arrived. It is due on February 15.

Additional Information for adjusting entries at January 31:

a.	Supplies on hand on January 31 total $180.
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 1st State Bank loan.)
d.	Record January depreciation.
e.	Adjust the prepaid asset (Rent and Insurance) accounts as needed.

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