January Transactions for Francines Fast Deliveries, Inc. (FFD) Date 1 Owners invest $23,000 of additional cash in the business. 2a Supplies are purchased for $800 on account. 2b Insurance is paid for 12 months beginning January 1: $6,960 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,300 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,220 per month 3 FFD borrows $26,000 from 1st State Bank at 6% annual interest. 6 A delivery van is purchased for cash. Including tax the total cost was $40,800. 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 $490 of the receivables from Decembers sales are collected. 8 $412 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $9,200. 10 Services are performed for cash customers: $6,440. 16 Wages for the first half of the month are paid on January 16: $1,220. 20 The company receives $2,900 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): $3,680 30a The last 2 weeks wages earned by employees are $610 per employee and will be paid on February 3. 30b A $770 utility bill for January arrived. It is due on February 15.

Additional Information for adjusting entries at January 31:

1. Supplies on hand on January 31 total $270.

2. The company completed 60% of the deliveries for the customer who paid in advance on January 20.

3. Interest is accrued for the bank loan. (Assume a full month for the 1st State Bank loan.)

4. Record January depreciation.

5. Adjust the prepaid asset (Rent and Insurance) accounts as needed.

( Need 6 thing done here, not sure i did it correctly and got lost: 1-COMPLETE JOURNAL ENTRIES, 2- POST JOURNAL ENTRIES TO LEDGER ACCOUNCT(T-ACCTS, show begining balance, journal entry amounts and ending balance) 3-PREPARE: UNADJUSTED TRIAL BALANCE( include heading ; total debits equal total credits) 4- COMPLETE ADJUSTING JOURNAL ENTRIES( include general ledger impact /T-accounts), 5- Prepare: ADJUSTED TRAIL BALANCE, 6-PREPARE INCOME STATEMENT, STATEMENT OF RETAINED EARNINGS, BALANCE SHEET.