Francine's Fast Deliverles, 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. Assets: Cash Accounts Receivable Supplies Francine's Fast Deliverles, Inc. Balance Sheet at January 1, 2012 Liabilities: $1,325 Accounts Payable 750 Stockholders' Equity 600 Contributed Capital Retained Earnings $ 665 $1,500 510 Total Liabilities & Stk. Equity $2,675 Total Assets $2,675 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners Invest $24,000 of additional cash in the business. 2a Supplies are purchased for $850 on account. 2b Insurance is paid for 12 months beginning January 1: $7140 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,450 (Record as an asset) 20 TWO employees are hired. Each employee will be paid $1,290 per month 3 FFD borrows $27,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $43,200. 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 $525 of the receivables from December's sales are collected. om December's sales are collected. 8 $532 of the accounts payable from December are pald. 9 Performed services for customers on account. Mailed Invoices totaling $9.400. 10 Services are performed for cash customers: $6,580. 16 Wages for the first half of the month are paid on January 16: $1,290. The company receives $3,050 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): $3,760 The last 2 weeks wages earned by employees are $645 per employee and will 30a be paid on February 3. 300 A $815 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 $290. 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)