Project 1: Review of Accounting Cycle The following information applies to the questions displayed below Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2 resultung balance sheet at the beginning of 2012 1s provided below t had limited actMtyin 2011. The s Fast Deliverles, Inc Balance Sheet at January 1, 2012 Llablites: Cash Accounts Receivable Supplies $1,550 Accounts Payable $ 1160 950 Stockholders' Equity 750 Contributed Capital $1,500 Retained Earnings 590 Total Assets $3,250 Total Liablities &Stk. Equity $3,25 Jant ary Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners Invest $27000 of additional cash in the business. 2a Supplies are purchased for $1,050 on account 2b Insurance is paid for 12 months beginning January t: $7680 (Record as an asset 2c Rent is paid for 3 months beginning in January $3.900 (Record as an asset 2d Two employees are hired. Each employee will be paid $1,500 per month 3 FFD borrows $31,000 from 1st State Bank at 6% annual interest 6 A delivery ven is purchesed for cash. including tax the total cost was $50.400. It will be used for 4 years and will be depreciated monthly using straight-line with no salvage volue. A full month of depreciation will be charged in January 7 $665 of the recevables from December's sales are collected 8 $928 of the accounts payable from December are poid 9 Performed services for customers on eccount Mailed invoces totaling $10.000 10 Services are performed for cash customers: $7000 16 Wages for the first haif of the month are paid on Januery 16. $1.500 20 The company receives $3.650 from a cust Type here to search ip