Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions from January 1-25. Then post the adjusting journal entries from January 31.

Fast Deliveries, Incorporated (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: Two employees have been hired, at a monthly salary of $2,300 each. The following transactions occurred during January of the current year. January Additional information for adjusting entries: 31a. A \$1,400 bill arrives for January utility services. Payment is due February 15. 31b. Supplies on hand on January 31 are counted and determined to have cost $270. 31c. As of January 31, FDI had completed 60% of the deliveries for the customer who paid in advance on January 20. 31d. Accrue one month of interest on the bank loan. Yearly interest is determined by multiplying the amount borrowed by the annual interest rate (expressed as 0.06). For convenience, calculate January interest as one-twelfth of the annual interest. 31e. Assume 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 implies annual depreciation equal to one-fourth of the van's total cost. Record depreciation for the month of January, equal to onetwelfth of the annual depreciation expense. 31f. Salaries earned by employees for the period from January 16 to 31 are $1,150 per employee and will be paid on February 3 . 31g. Adjust the prepaid asset accounts (for rent and insurance) as needed. Debit