Required information

$[$The following informotion opplies to the questions disployed below.$]$

Fast Deliveries, Incorporated $($FD$),$ was organized in December last year and had limited activity last year. The resulting

balance sheet ot the beginning of the current year is provided below:

Two employees have been hired, at a monthly solary of $$2,140$ each. The following transactions occurred during January

of the current year.

January

$$5,0$ee is paid for $12$ months' insurance starting January $1.($Rocord as an assct.$)$

$$4,$ see is paid for $12$ months of rent boginning January $1.($Record as an asset.$)$

FDI bornows $$28,3$ee cash fron First State Bank at $4\%$ annual interest; this note is payable in

two years.

A delivery van is purchased using cash. The total cost was $$24,080.$

Stockholders contribute $$$,000$ of additional cash to FDI for its conmon stock.

Additional supplies costing $$1,280$ are purchased on account and received.

$$7$ea of accounts receivable arising fron last year's December sales are collected.

$$50$a of accounts payable fron Decerber of last year are paid.

Perforned services for custoners on account. Sent invoices totaling $$10,680.$

$$7,58$e of services are performed for customers who paid imnediately in cash.

$$2,140$ of salaries are paid for the first half of the nonth.

FDI receives $$3,$ se$0$ cash fron a custoner for an advance order for services to be provided

later in January and in February.

$$4,20$e is collected fron custoners on account $($sec January $9$ transaction$).$

January Additional information for adjusting entries:

$31$a$.$ A $$1,09$e bill arrives for January utility services. Payment is due February $15.$

$31$b$.$ Supplies on hand on January $31$ are counted and deternined to have cost $$220.$

$31$c$.$ As of January $31,$ FDI had corpleted $60$x of the deliveries for the custoner who paid in advance

on January $2$e$.$

$31$d$.$ Accrue one month of interest on the bank loan. Yearly interest is deternined by nultiplying the

anount borrowed by the annual interest rate $($expressed as $8\mathrm{.}84).$ For convenicnce, calculate

January interest as one$-$twelfth of the annual interest.

$31$e$.$ Assure the van will be used for $4$ years, after which it will have no value. Thus, each year,

one$-$fourth of the van's benefits will be used up$,$ which implics annual depreciation equal to

one$-$fourth of the van's total cost. Record depreciation for the month of January, equal to one$-$

twelfth of the annual depreciation expense.

$31$f$.$ Salaries earned by employees for the period from January $16$ to $31$ are $$1,$ e$7$e per employee and

will be paid on February $3.$

Question: Adjust the prepaid asset accounts $($for rent and insurance$)$ as needed.

Record all adjusting journal entries needed at January $31.$ Ignore income taxes.

Note: Do not round intermediate calculations. If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.