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 Deliveries, Inc. (FFD) Date 1 Owners invest $29,000 of additional cash in the business. 2a Suppiles are purchased for $1,150 on account. 2b Insurance is paid 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) 2d. Two employees are hired. Each employee will be pald $1.640 per month 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 1 Required information Required information 6 will be used for 4 years and will be depreclated 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 Malled invoices 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) $4,240 303 The last 2 weeks wages earned by employees are $820 per employee and will be paid on February 3 . 30b A $1,040 utlity bill for Janvary 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 dellveries for the customer who poid 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 depreciotion e Adjust the prepaid asset (Rent and insurance) accounts as needed. 2. Post the beginning balances and January transactions to the T-Accounts Note: You need the totals for the T-occounts atter Part 2 in order to complete the unadjusted trat balance on Part 3; however, Part 2 Will not be marked complete until the adjusting entries from Pant 4 are posted to the T-accounts. ( Required information
