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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 $ 1,100 Accounts Payable Accounts Receivable 600 Stockholders' Equity: Supplies 450 Contributed Capital Retained Earnings $ 725 $1,000 425 Total Assets $2,150 Total Liabilities & Stk. Equity $2,150 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $21,000 of additional cash in the business. 2a Supplies are purchased for $700 on account. 2b Insurance is paid for 12 months beginning January 1: $6,600 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,000 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,080 per month 3 FFD borrows $24,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $36,000. 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 $420 of the receivables from December's sales are collected. 8 $580 of the accounts payable from December are paid. 8 $580 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $8,800. 10 Services are performed for cash customers: $6.160. 16 Wages for the first half of the month are paid on January 16: $1,080. The company receives $2,600 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): $3,520 20. The last 2 weeks wages earned by employees are $540 per employee and will be paid on February 3. 30b A$680 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 $230. 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 an unadjusted trial balance using the T-Account balances. Credit FAST DELIVERIES, INC. Unadjusted Trial Balance January 31 Account Title Debit Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Revenue Notes Payable Wages Payable Interest Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses Supplies Expenses Depreciation Expense Interest Expense Utilities Expense Totals 0 $ 4.-5.Analyze the accounts and prepare the adjusting entries required using the additional information provided. Post the adjusting entry activity to the T-Accounts in Requirement #2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Supplies on hand on January 31 total $230. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 31a Record entry Clear entry View general journal View transaction list 1 Supplies on hand on January 31 total $230. 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, Insurance account as needed. 6 Adjust the prepaid asset, Rent account as needed. Note : = journal entry has been entered Record entry Clear entry View