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:

need help with these last few questions

Project 1 Review of Accounting Cycle IThe following Information appliles to the questions displayed below.] 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: $1,175 Accounts Payable $ 865 Accounts Receivable Supplies 650 Stockholders' Equity: 500 Contributed Capital $1,000 460 Retained Earnings Total Assets $2,325 Liabilities & Stk. Equity $2,325 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $22,000 of additional cash in the business. 2a Supplies are purchased for $750 on account 2b Insurance is paid for 12 months beginning January 1: $6,780 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,150 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1150 per month 3 FFD borrows $25,000 from 1st State Bank at 6% annual interest. 6 A delivery van is purchased for cash. Including tax the total cost was $38,400. 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 $455 of the receivables from December's sales are collected. $692 of the accounts payable from December are paid. Performed services for customers on account. Mailed invoices totaling $9,000. 8 9 10 Services are performed for cash customers: $6,300. 16 Wages for the first half of the month are paid on January 16: $1,150. 20 The company receives $2,750 from a customer for an advance order for services to be provided in January and February. Collections from customers on account (see January 9 transaction): $3,600 The last 2 weeks wages earned by employees are $575 per employee and will be paid on February 3. A $725 utility bill for January arrived. It is due on February 15. 25 30a 30b Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $375. b. The company completed 60% of the deliveries for the customer who paid in advance on January 20 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. References