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 ccounts Rcelvable January Transactions for Francine's Fast Deliveries, Inc. (FFD) 1 Owners invest $27000 of additional cash in the business Supplies are purchased for $1050 on account Insurance is paid for 12 months beginning January t: $7.,680 Record as an asset) Rent is paid for 3 months beginning in January. $3,900 (Record as an asset) Two employees are hired. Each employee will be paid $1,500 per month FFD borrows $31,000 from 1st State Bank at 6% annual 6 A delivery van is purchased for cash. Including tax the total cost was $50,400. 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 '$665 of the receivables from Decembers 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: $7000 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 Collections from customers on account (see January transaction): $4,000 The last 2 weeks wages earned by employees are $750 per employee and will be paid on February 3 A $950 utility bill for January arrived. It is due on February 15 Additional Information for adjusting entries at January 3t Supplies on hand on January 31 total $360 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 Adjust the prepaid asset (Rent and Insurance) accounts as 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 ccounts Rcelvable January Transactions for Francine's Fast Deliveries, Inc. (FFD) 1 Owners invest $27000 of additional cash in the business Supplies are purchased for $1050 on account Insurance is paid for 12 months beginning January t: $7.,680 Record as an asset) Rent is paid for 3 months beginning in January. $3,900 (Record as an asset) Two employees are hired. Each employee will be paid $1,500 per month FFD borrows $31,000 from 1st State Bank at 6% annual 6 A delivery van is purchased for cash. Including tax the total cost was $50,400. 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 '$665 of the receivables from Decembers 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: $7000 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 Collections from customers on account (see January transaction): $4,000 The last 2 weeks wages earned by employees are $750 per employee and will be paid on February 3 A $950 utility bill for January arrived. It is due on February 15 Additional Information for adjusting entries at January 3t Supplies on hand on January 31 total $360 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 Adjust the prepaid asset (Rent and Insurance) accounts as