Required information (1) Required information 3 FFD borrows $33,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $55,200. 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$735 of the receivables from December's sales are collected. 8$768 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed involces totaling $10,600. 10 Services are performed for cash customers: $7,420. 16 Wages for the first half of the month are paid on January 16: $1,640. 20 The company recelves $3,950 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): $4,240 30 a The last 2 weeks wages earned by employees are $820 per employee and will be paid on February 3. 30 A A $1,040 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 $400. b. The company completed 60% of the delveries 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. 7. Prepare end-of January financlal statements. (Balance Sheet only. items to be deducted must be indicated with a negative amount.) 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: January Transactions for Francine's Fast Dellverles, Inc. (FFD) Date 1 Owners invest $29,000 of additional cash in the business. 2a Supplies are purchased for $1,150 on account. 2b Insurance is pald for 12 months beginning January 1: $8,040 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4.350 (Record as an asset) 2 d Two employees are hired. Each employee will be pald $1,640 per month