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Post the beginning balances and January transactions to the T-Accounts. Check my work 2 Required information The following information applies to the questions displayed below.]
Post the beginning balances and January transactions to the T-Accounts.
Check my work 2 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 Part 2 of 6 activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below 16.66 points Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Assets Liabilities eBook $1,475 Accounts Payable $1,010 Cash Accounts Receivable Supplies 900 Stockholders' Equity $1,500 565 700 Contributed Capital Retained Earnings Ask Total Assets $3,075 Total Liabilities & Stk. Equity $3,075 Print January Transactions for Francine's Fast Deliveries, Inc. (FFD) References Date 1 Owners invest $26,000 of additional cash in the business. Supplies are purchased for $950 on account. Insurance is paid for 12 months beginning January 1: $7,500 (Record as an asset) 2a 2b 2c Rent is paid for 3 months beginning in January: $3,750 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,430 per month 3 FFD borrows $29,000 from 1st State Bank at 6% annual interest A delivery van is purchased for cash. Including tax the total cost was $48,000. 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 $630 of the receivables from December's sales are collected 8 $808 of the accounts payable from December are paid 9 Performed services for customers on account. Mailed invoices totaling $9,800 10 Services are performed for cash customers: $6,860 16 Wages for the first half of the month are paid on January 16: $1,430 The company receives $3,350 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): $3,920 The last 2 weeks wages earned by employees are $715 per employee and will be paid on February 3 A $905 utility bill for January arrived. It is due on February 15. 20 25 30a 30b Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $330. The company completed 60% of the deliveries for the customer who paid in advance on January 20 . 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 neededStep by Step Solution
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