Required information C4-6 Recording/Posting Transactions and Adjustments, and Preparing Trial Balances and Financial Statements--Requires Calculating Depreciation and Interest (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4- 2, LO 4-4] Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: $12,400 Accounts Payable 300 Accounts Receivable Stockholders' Equity Supplies 510 Canon Stock 11,020 Retained Earnings 1,970 Total Assets $13,790 Total Liabilities an kholders' Equity $13,790 Assets Cash 380 Sto Two employees have been hired, at a monthly salary of $2,020 each. The following transactions occurred during January of the current year. Ch 2 2 2 January 1 2 3 NNNN 5 6 7 8 9 10 $4,200 is paid for 12 months' insurance starting January 1. (Record as an asset.) $3,600 is paid for 12 months of rent beginning January 1. (Record as an asset.) FDI borrows $36,000 cash from First State Bank at x annual Interest, this note is payable in two years A delivery van is purchased using cash. Including tax, the total cost was $19, 200 Stockholders contribute $4,000 of additional cash to FDI for its common stock Additional supplies casting $1,000 are purchased on account and received $500 of accounts receivable arising from last year's December sales are collected $800 of accounts payable from December of last year are paid Performed services for customers on account Sent invoices totaling $11,000 $7,098 of services are performed for customers who paid immediately in cash 020 of salaries are paid for the first half of the month FDI receives $3,500 cash from a customer for an advance order for services to be provided later in January and in February $4,100 is collected from customers on account (January 9 transaction) a 3 20 3 25 Ch 4 January Additional information for adjusting entries: A $800 bill arrives for January utility services. Payment is due February 15 ca