Saved slve Problem 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 $ 1.775 Accounts Payable $ 1.110 Accounts Receivable 1,100 Stockholders' Equity: Supplies 900 Contributed Capital $2,000 Retained Earnings 665 Total Assets $3,775 Total Liabilities & Stk. Equity $3,775 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $30,000 of additional cash in the business. 2a Supplies are purchased for $1,200 on account, 2b Insurance is paid for 12 months beginning January 1: $8,220 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $1,500 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,710 per month 3 FFD borrows $34,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $57,600. 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 $770 of the receivables from December's sales are collected. 8 $888 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed Invoices totaling $10,800. no salvage value. A full month of depreciation will be charged in January 7 $770 of the receivables from December's sales are collected. 8 $888 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $10,800. 10 Services are performed for cash customers: $7,560. 16 Wages for the first half of the month are paid on January 16: $1,710. The company receives $4,100 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 transaction): $4,320 The last 2 weeks wages earned by employees are $855 per employee and will be paid on February 3. 30b A $1,085 utility bill for January arrived. It is on February 15. 30a Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $420. 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. 2. Post the beginning balances and January transactions to the T-Accounts. Cash Accounts Receivable Bog, bal Beg, bal. G Dron .. Required information Cash Accounts Receivable Beg bal Beg bal 16 End bal k End bal Supplies Prepaid Insurance Beg bal Bog bal End, bal End. bal Prepaid Rent Equipment Beg bal Beg bal End bal End bal Accumulated Depreciation Accounts Payable