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 ot the beginning of 2012 is provided below: Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Ligbilities: Accounts Payable Stockholders' Equity: Contributed Capital Retained Earnings Assets: $ 400 950 Cash Accounts Receivable 500 300 $1,000 350 Supplies $1,750 Total Liabilities & Stk. Equity $1,750 Total Assets January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $19,000 of additional cash in the business. 2a Supplies are purchased for $600 on account 2b Insurance is paid for 12 months beginning January 1: $6,240 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $2,700 (Record as an asset) 2d Two employees are hired. Each employee will be paid $940 per month 3 FFD borrows $22000 from 1s State Bank at 6 % annual interest. A delivery van is purchased for cash. Including tax the total cost was $31,200. 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 $350 of the receivables from December's sales are collected. $320 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $8,400. 10 8 Services are performed for cash customers: $5,880. Wages for the first half of the month are paid on January 16: $940. The company receives $2,300 from a customer for an advance order for services 16 20 to be provided in January and February. Collections from customers on account (see January 9 transaction): $3,360 The last 2 weeks wages earned by employees are $470 per employee and will be paid on February 3. A $590 utility bill for January arrived. It is due on February 15. 25 30a 30b Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 totol $180. The company completed 60 % of the deliveries for the customer who paid in advance b. 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. 6. Prepare the adjusted trial balance, using the revised set of t-account balances FAST DELIVERIES, INC. Adjusted Trial Balance January 31 Account Title Deblt Credit 12,440 Cash 5 Accounts Receivable 5,190 Supplies 300 Prepaid Ren Prepaid Insurance 31,200 Equipment