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: Assets: Cash Accounts Receivable Supplies Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Liabilities: $ 1625 Accounts Payable $ 1,310 1,000 Stockholders' Equity 800 Contributed Capital $1,500 Retained Earnings 615 $3.425 Total Liabilities & Sti. Equity $3,425 Total Assets January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $28,000 of additional cash in the business. 2a Supplies are purchased for $1,100 on account. 2b Insurance is paid for 12 months beginning January 1: $7,860 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,570 per month 3 FFD borrows $32,000 from 1st State Bank at 6% annual interest A delivery van is purchased for cash. Including tax the total cost was $52,800. 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 $700 of the receivables from December's sales are collected. 8 $1,048 of the accounts payable from December are paid 9 Performed services for customers on account. Mailed invoices totaling $10,200. 10 Services are performed for cash customers: $7,140 16 Wages for the first half of the month are paid on January 16: $1,570. The company receives $3,800 from a customer for an advance order for services 20 to be provided in January and February 25 Collections from customers on account (see January 9 transactions $4,080 The last 2 weeks wages earned by employees are $785 per employee and will 30a be paid on February 2 30 A $995 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 3t a. Supplies on hand on January 31 total $380. 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. 3. Prepare an unadjusted trial balance using the T-Account balances. Credit FAST DELIVERIES, INC. Unadjusted Trial Balance January 31 Account Title Debit Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Uneamed Raven Notes Payable Wages Payable interest Payable Contributed Capital Retained Eamings Service Revenue Wages Expenses Supplies Expenses Depreciation Expense interest Expense Utilities Expense Totals $ $