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journal entries for January

needed

Francine's Fast Deliveries, Inc. Balance Sheet At Jan. 1, 2010 $ 400 ASSETS: Cash Accounts Rec Supplies $ 900 800 200 LIABILITIES: Accounts Payable Stockholders' Equity Contributed Capital Retained Earnings TOTAL LIABS & EQUITY 900 600 TOTAL ASSETS 1,900 1900 20 950 22 January Transactions for Francine's Fast Deliveries, Inc. (FFD) 7. Owners invest $12,000 of additional cash in the business. 2. Supplies are purchased for $1,000 Insurance is paid for 12 months beginning January 1: $3,600 (Record as an asset) 40 Rent is paid for 3 months beginning in January: $4,200 (Record as an asset) 6. Two employees are hired. Each employee will be paid $1,400 per month FFD borrows $24,000 from 1st State Bank at 10% annual interest. 7 A delivery van is purchased for cash. Including tax the total cost was $7,200. 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. $600 of the receivables from December's sales are collected. 9. $300 of the accounts payable from December are paid. Performed services for customers on account. Mailed invoices totaling $10,400. Services are performed for cash customers: $7,600. Wages for the first half of the month are paid on January 16: $1,400. 13. The company receives $3,200 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): $4,500 15 The last 2 weeks wages earned by employees are $700 per employee and will be paid on February 3. e A $800 utility bill for January arrived. It is due on February 15. ,20 Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $950. b. The company completed 40% 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. Adjust the prepaid asset accounts as needed e. Record January Depreciation -Cash t servicedre