I already have the journal entry but not sure if I adjusted right but I am struggling with the rest of this. This is all apart of one question with steps to complete.

Instructions: 1. Using the journal entry sheet provided, record the transactions for January. January is the first full month of operations. 2. After journalizing the transactions above, post the transactions to the T accounts. Reminder: Do not forget to enter the opening balances from the January 1 balance sheet. 3. Prepare an Unadjusted Trial Balance using the t-account balances. 4. Analyze the accounts - prepare the adjusting entries required. Additional information is listed below. Also, be sure to reexamine descriptive information given for the January and February transactions to identify possible adjustments that should be entered. 5. Post the adjusting entries to T accounts 6. Prepare the Adjusted Trial Balance using the revised set of t-account balances. 7. Prepare end-of-January financial statements. Background information: Fast Deliveries, Inc. (FFD) was organized in December of 2020. It had limited activity in 2020. The resulting balance sheet at the beginning of 2021 is provided below: Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2021 Liabilities: $ 900 Accounts Payable 800 Stockholders' Equity: 400 Contributed Capital Retained Earnings $ 2.100 Total Liabilities & Stk. Equity Assets: Cash Accounts Receivable Supplies $ 500 $ 1,000 600 $ 2.100 Total Assets January Transactions for Francine's Fast Deliveries, Inc. (FFD) Ch. Date 2 1 Owners invest $16,000 of additional cash in the business. 2 2a Supplies are purchased for $1,000 on account. 2 2b Insurance is paid for 12 months beginning January 1: $5,700 (Record as an asset) 2 2c Rent is paid for 3 months beginning in January: $4,200 (Record as an asset) 2 2d Two employees are hired. Each employee will be paid $2,200 per month 2 3 FFD borrows $30,000 from 1** State Bank at 6% annual interest. 2 6 A delivery van is purchased for cash. Including tax the total cost was $24,000. 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. 2 7 $600 of the receivables from December's sales are collected. 2 8 $400 of the accounts payable from December are paid. 3 9 Performed services for customers on account. Mailed invoices totaling $10,400. 3 10 Services are performed for cash customers: $7,600. 3 16 Wages for the first half of the month are paid on January 16: $2.200. 3 20 The company receives $3,500 from a customer for an advance order for services to be provided in January and February. 3 25 Collections from customers on account (see January 9 transaction): $4,500 30a The last 2 weeks wages earned by employees are $1,100 per employee and will be paid on February 3. 3 306 A $1,200 utility bill for January arrived. It is due on February 15. 4 Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $250. 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 1st State Bank loan.) d. Record January Depreciation e. Adjust the prepaid asset (Rent and Insurance) accounts as needed N 3 Debit Credit Date 1 Journal Entries Account Name Cash Capital (Record the investment in business) $ 16,000 $ 16,000 2 $ 1,000 Supplies Accounts Payable (Record the purchase of supplies on account) $ 1,000 2b $ 5,700 Prepaid Insurance Cash (Record the advance payment for insurance) $ 5,700 2c $ 4,200 Prepaid Rent Cash (Record the advance payment for rent) $ 4,200 2d No journal entry required 3 $ 30,000 Cash Bank Loan (Record the borrowings from bank) $ 30,000 6 $ 24,000 Delivery Van Cash (Record the purchase of delivery van) $ 24,000 7 $ 600 Cash Accounts Receivable (Record the cash collection on account) $ 600 8 $ 400 Accounts Payable Cash (Record the payment on account) $ 400 9 $ 10,400 Accounts Receivable Service Revenue (Record the service provided on account) $ 10,400 10 Cash $ 7,600 S 7,600 Service Revenue (Record the service provided for cash) 16 $ 2,200 Wages Expense Cash $ 2,200 (Record the payment of wages expense) 20 $ 3,500 Cash Unearned Service Revenue (Record cash received in advance) $ 3,500 25 Cash $ 4,500 $ 4,500 Accounts Receivable (Record the cash collection on account) 30a $ 2,200 Wages Expense Wages Payable (Record the accrual of wages expense) S 2,200 30b $ 1,200 Utility Expense Accounts Payable (Record the accrual of utility expense) $ 1,200 Adjusting Entries a. $ 750 Supplies Expense Supplies ($1,000 - $250) S 750 b. $ 2,100 Unearned Service Revenue Service Revenue (Record the unearned revenue earned) $ 2,100 C. $ 150 Interest Expense ($30,000 * 6% * 1/12) Interest Payable (Record the accrual of interest expense) $ 150 d. $ 500 Depreciation Expense ($24,000 / 4 yrs) * 1/12 Accumulated Depreciation (Record the depreciation on delivery van) 500 e. $ 475 Insurance Expense ($5,700 / 12) Prepaid Insurance (Record the insurance expired) $ 475 $ 1,400 Rent Expense ($4,200/3) Prepaid Rent (Record the rent expired) $ 1,400 2. Post to T accounts (Below) Leave space for the following T Accounts needed for adjusting entries: Accumulated Depreciation, Interest Payable CASH Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accum Depreciation Accounts Payable Unearned Revenue Notes Payable Interest Payable Wages Payable Contributed Capital Retained Earnings Service Revenue Wages Expense Utility Expense Supplies Expense Interest Expense Insurance Expense Rent Expense Depreciation Expense 3. Prepare Unadjusted Trial Balance, Post the adjusting entries in (4) and complete the Adjusted Trial Balance Unadjusted TB Adjustments Adjusted TB Account Debit Credit Debit Credit Debit Credit CASH Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accum Depreciation Accounts Payable Unearned Revenue Notes Payable Interest Payable Wages Payable Contributed Capital Retained Earnings Service Revenue Wages Expense Utility Expense Supplies Expense Interest Expense Insurance Expense Rent Expense Depreciation Expense Totals 7. Prepare the end-of-January financial statements below: FFD, Inc. Income Statement For the period January 1 - January 31, 2021 Revenue Expenses Net income FFD, Inc. Statement of Retained Earnings For the period January 1 - January 31, 2021 Retained earnings, beginning of period Add: Less: Retained earnings, end of period FFD, Inc. Balance Sheet as of January 31, 2021 ASSETS LIABILITIES Total Liabilities STOCKHOLDERS' EQUITY Total stockholders' equity Total stockholders' equity & Liab