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 $2,225 Accounts Payable Accounts Receivable 1,400 Stockholders' Equity: Supplies 1.200 Contributed Capital Retained Earnings $ 2.010 $2,000 815 Total Assets $4,825 Total Liabilities & Stk. Equity $4,825 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $36.000 of additional cash in the business. 26 Supplies are purchased for $1.500 on account. 2b Insurance is paid for 12 months beginning January $9,300 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $5.400 (Record as an asset 20 Two employees are hired. Each employee will be paid $2.130 per month 3 FFD borrows $40,000 from 1st State Bank at 6% annual interest A delivery von is purchased for cash. Including tax the total cost was $72,000. 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 $980 of the receivables from December's sales are collected 8 $1608 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $12.000. 10 Services are performed for cash customers: $8.400 16 Wages for the frst half of the month are paid on January 16: $2.130. The company receives $5,000 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: $4,800 The last 2 weeks wages earned by employees are $1,085 per employee and will 300 be paid on February 30 A $1355 utility bill for January arrived. It cue on February 15. Additional information for adjusting entries at January 31 5. Supplies on hand on January 31 total $5401 The company completed 60% of the deliveres for the customer who pod in advance on. 20 Interests accrued for the bank loan. (Assume a full month for the State Bank loan d Record January depreciation Adjust the preside Rent and insurance accounts as needed 2. Post the beginning balances and January transactions to the T-Accounts Cas counts Receivable Beg. bal plan 9 12,000 38,000 40,000 980 Jan 7 4,800 Jan. 25 090 9.300 Jan. 2b 5,400 Jan. 2c 72,000 Jan. 6 1,608 Jan. 8 2.130 Jan 16 8.400 Endbal 0,220 4.800 End, bal 4.742 Supplies Prepaid Insurance 1,500 0,300 End bal 1,500 End, bal 0,300 Prepaid Rent Equipment Beobal 5.400 72.000 5.400 Endi ba 72.000 Accumulated Depreciation Accounts Payable Begi bat 1.008 1.500 Jan. 2a 1.355 Jan. 300 end os 1.247 Unearned Revenue Notes Payable Beoba Bega 5,000 Jan 20 40,000 Jan 3 500 40.000 Beg bal Beg bal 2.130 plan, 30a End bal End, bal 2,130 Contributed Cap Beg bal 30,000 Jan 38,000 End, bal Service Revenue Wages Expense Bea bal Beg bal 12,000 Jan. 9 8,400 Jan. 10 2.130 2.130 an 30a End ba 20,400 End, bal 4,200 Utilities Expense Supplies Expense Beobal Beg bal 305 1.355 1,350 Interest Expense Insurance Expense Beg.ba End.be Rent Expense Depreciation Expense Beg bat