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I do not know what else I'm missing at this point on the following Picture shown Required Information (The following information applies to the questions
I do not know what else I'm missing at this point on the following Picture shown
Required Information (The following information applies 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: Cash $ 1,625 Accounts Payabl Accounts Receivable 1.000 Stockholders' Equity: Supplies 800 Contributed Capital Retained Earnings $ 1,310 $ 1.500 615 Total Assets $3.425 Total Liabilities & Stk. Equity $3.425 January Transactions for Francine's Fast Deliveries, Inc. (FFD) 2b Date 1 Owners invest $28.000 of additional cash in the business. 2a Supplies are purchased for $1,100 on account. Insurance is paid for 12 months beginning January 1: $7,860 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1.570 per month 3 FFD borrows $32.000 from 1 State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $52.800. It 6 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 $700 of the receivables from December's sales are collected. 8 $1,048 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $10.200. 10 Services are performed for cash customers: $7,140. 16 Wages for the first half of the month are paid on January 16: $1,570. The company receives $3,800 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): $4,080 30a The last 2 weeks wages earned by employees are $785 per employee and will be paid on February 3. 30b A $995 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 $380. 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 State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed. 2. Post the beginning balances and January transactions to the T-Accounts. > Answer is not complete. Beg bal Jan. 9 Accounts Receivable 1,000 10.200 700 4,080 Jan 7 Jan. 25 Cash Beg 1,625 bal. Jan. 1 28.000 7.880 Jan 2b Jan. 3 32.000 4.050 Jan. 2c Jan. 7 70052,800Jan. 6 Jan. 107,1401,048 Jan. 8 Jan. 20 3 ,800 1,570 Jan. 16 Jan. 25 4,080 End. 6,420 bal End. bal 10,017 Prepaid Insurance Supplies 800 bal Beg. bal. Jan. 2b Jan. 2a 1.100 7,860 End. End 1,900 bal 7.880 bal. Prepaid Rent Equipment Beg. Beg. bal. Jan. 2c bal 4,050 Jan. 6 52,800 End 4,050 End. hal 52,800 bal Accumulated Depreciation Accounts Payable Beg Beg bal. bal Jan. 8 1,0481 1,310 .100 995 Jan. 2a Jan. End. 2,357 bal Unearned Revenue Notes Payable Beg Beg bal 3,800 Jan. 20 32,000 Jan. 3 End. End. bal. 3.800 32.000 Interest Payable Wages Payable Beg bal. 1.570 1,570 Beg. bal. Contributed Capital 1,500 28,000 Retained Earnings 615 Jan. 1 End. 29,500 615 bal. Service Revenue Wages Expense Bee Beg bal Jan. 18 10.200J an. 9 7.140 Jan. 10 1.570 1570 302 End. 17.340 End. 3.140 Utilities Expense Supplies Expense Beg. bal. Jan. 30b 995 End bal. 995 Interest Expense Insurance Expense Beg. bal. Beg End. bal. Rent Expense Depreciation Expense Beg Beg. bal End bal. EndStep by Step Solution
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