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 $ 1,475 Accounts Payable $ 1.010 Accounts Receivable 900 Stockholders' Equity Supplies 700 Common Stock $1,500 Retained Earnings 565 Total Assets $3.075 Total Liabilities & Stk. Equity $3,075 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $26,000 of additional cash in the business. 2a Supplies are purchased for $950 on account 26 Insurance is paid for 12 months beginning January 1$7.500 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3750 (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. Malled 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 25 Collections from customers on account (see January 9 transaction $3.920 300 The last 2 weeks wages earned by employees are $715 per employee and will be paid on February 3 300 A $905 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 $330 b. 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 20 2. Post the beginning balances and January transactions to the T-Accounts Note: You need the totals for the T-accounts after Part 2 in order to complete the unadjusted trial balance on Part 3, however. Part 2 will not be marked complete until the adjusting entries from Part 4 are posted to the T-accounts. Cash Accounts Receivable Beg bal Beg bal End, bal os End, bal Supplies Prepaid Insurance Bog, bal Beg, bal End, bal End, bal Prepaid Rent Equipment Beg bal Beg bal End, bal End.bal Accumulated Depreciation Accounts Payable Beg bal Beg bal End, bal End, bal Deferred Revenue Notes Payable Beg bal Beg bal End, bal End bal