January Transactions for Francine's Fast Deliverles, Inc. (FFD) 1 Date 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: $7,140 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,450 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,290 per month 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 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 $525 of the receivables from December's sales are collected. 8 $532 of the accounts payable from December are paid. 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 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.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed. Prepare end-of-January financial statements. (Balance Sheet only. Items to be deducted must be indicated with a negative amount.)