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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

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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. Liabilities: Cash $ 1,550 Accounts Payable Accounts Receivable 950 Stockholders' Equity: Supplies 750 Contributed Capital Retained Earnings $ 1,160 $ 1.500 590 Total Assets $3.250 Total Liabilities & Stk. Equity $3.250 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Dare owners invest $27.000 of additional cash in the business. January Transactions tor Francine's Fast Deliveries, Inc. (FFD) 2a Date Owners invest $27,000 of additional cash in the business. Supplies are purchased for $1,050 on account. 2b Insurance is paid for 12 months beginning January 1: $7,680 (Record as an asset) 2c. Rent is paid for 3 months beginning in January: $3,900 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,500 per month 3 FFD borrows $31.000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $50,400. 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 $665 of the receivables from December's sales are collected. $928 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $10,000. Services are performed for cash customers: $7.000. Wages for the first half of the month are paid on January 16: $1,500. The company receives $3,650 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): $4.000 The last 2 weeks wages earned by employees are $750 per employee and will Boa be paid on February 3 30 A $950 utility bil for January arrived. It is due on February 15. 000 Additiona Information for adjusting entries at January 31 a. Supplies on hand on January 31 tots $860 BARANGAN sua he be paid on February 3. 30b A $950 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 $360. h 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. 4.-5. Analyze the accounts and prepare the adjusting entries required using the additional information provided. Post the adjusting entry activity to the T-Accounts in Requirement #2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction ist Journal entry worksheet 2 4 66 Pre6 6 Next > Required information Journal entry worksheet 3 4 5 6 Supplies on hand on January 31 total $360. Note: Enter debits before credits. General Journal Debit Credit Date Jan. 31a Recordenty Clem entry View general journal

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