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Francine's Fast Deliveries, Inc Balance Sheet at January 1, 2012 Assets Liabilities $1,850 1,260 Cash Accounts Receivable Supplies Accounts Payable 1,150Stockholders Equity: 950 Contributed Capital Retained Earnings $2,000 690 Total Assets $3,950 Total Liabilities & Stk. Equity $3,950 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $31,000 of additional cash in the business 2a Supplies are purchased for $1,250 on account. 2b Insurance is paid for 12 months beginning January 1: $8,400 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,650 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,780 per month 3 6 FFD borrows $35,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $60,000. It will be used for 4 years and will be depreciated monthly using straight-line with no depreciation will be charged in January. $805 of the receivables from December's sales are collected $1,008 of the accounts payable from December are paid Performed services for customers on account. Mailed invoices totaling $11,000 Services are performed for cash customers: $7,700 Wages for the first half of the month are paid on January 16: $1,780 The company receives $4,250 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): $4,400 The last 2 weeks wages earned by employees are $890 per employee and will be paid on February 3 A $1,130 utility bill for January arrived. It is due on February 15 alvage alue. A full month of 7 8 9 10 16 20 25 30a 30b Additional Information for adjusting entries at January 31 a. Supplies on hand on January 31 total $440 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 1t State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed