T. TUY H ILJ I UYUUU UULULIU. 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 $ 1.625 Accounts Payable Accounts Receivable 1,000 Stockholders' Equity Supplies 800 Contributed Capital Retained Earnings $ 1310 $1,500 615 Total Assets $3.425 Total Liabilities & Stk. Equity $3,425 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. 2 6 !!! Next > Required information Prepaid Rent Equipment Beg. bal. Jan. 2c Beg bal. Jan. 6 4,050 1,350 Jan 31e T 52,800 End, bal 2.700 End, bal 52.800 Accumulated Depreciation Beg bal Beg bal Jan 8 Accounts Payable 1.310 1.048 1.100 Jan 2a 995 Jan 30b 2,357 1.100 Jan 31d End, bal End bal Uneamed Revenue Notes Payable Beg bal Beg bal Jan 31b 2.280 3.800 Jan 20 32.000 Jan 3 End bal 152 End bal 32.000 Required information Uneamed revenue Notes Payable Beg, bal Beg. bal. Jan. 31b 2,280 3,800 Jan. 20 32,000 Jan 3 End, bal 1.520 End, bal 32,000 Interest Payable Wages Payable Beg bal Beg bal. 1,570 Jan 30a End, bal End, bal 1.570 Retained Earnings Beg bal Contributed Capital 1.500 28.000 Jan 1 Beg bal End bal 29.500 End bal Service Revenue Wages Expense Required information Service Revenue Wages Expense Beg bal 10,200 Jan 9 7,140Jan 10 2.280 Jan. 31b Beg bal Jan. 30a Jan. 16 1,5701 1,570 F End bal 19,620 End, bal 3.140 Utilities Expense Supplies Expense Beg bal Jan. 30b Beg bal Jan 31a 9 95 1.520 End, bal 995) End, bal. Interest Expense Insurance Expense Beg bal Beg bal Jan 310 160 Jan 31e En hal En hal Required information Utilities Expense Supplies Expense Beg. bal. Jan. 30b Beg. bal Jan. 31a 995 1,520 End bal. 995 End bal 1.520 Insurance Expense Beg bal. Jan. 310 Interest Expense onder die in 1 60 Beg bal Jan 31e 655 End. bale 160 End bal. Rent Expense Depreciation Expense Beg bal. Jan 31e ball Jan 310 1.350 1.100 End bal End bal. 1.350 Check my worl 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: Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Assets Liabilities Cash $ 1.625 Accounts Payable Accounts Receivable 1,000 Stockholders' Equity Supplies 800 Contributed Capital Retained Earnings $ 1,310 $ 1.500 615 Total Assets $3.425 Total Liabilities & Stk. Equity $3.425 January Transactions for Francine's Fast Deliveries, Inc. (FED) 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. 6. Next > vate 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 to be provided in January and February 25 Collections from customers on account (see January 9 transaction): $4,080 30a The last 2 weeks wages earned by employees are $785 per employee and will be paid on February 3 30b A $995 utility bill for January arrived. It is due on February 15, Additional Information for adjusting entries at January 31 a. Supplies on hand on January 31 total $380. 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 25 30a Collections from customers on account (see January 9 transaction): $4,080 The last 2 weeks wages earned by employees are $785 per employee and will be paid on February 3. A $995 utility bill for January arrived. It is due on February 15. 30b Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $380. 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 Cashless US $ 10,017 Accounts Receivable 6.420 Supplies Prepaid Insurance Prenaid Rent Required information $ 10,017 6,420 3807 7 ,205 2.700 52.8007 ACCOUNT Cash Accounts Receivable Supplies Prepaid Insurance 1 Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Revenue Notes Payable Wages Payable Interest Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses Supplies Expenses Depreciation Expense Interest Expense Utilities Expense Totals 1.100 2.357 1520 32.000 1.570 160 19,620 13501 1.1007 3.140 1520 160 995 88.452 $ S 58,327 TL UY U UMILIVU YULJU Upucu LIV. 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 $ 1.625 Accounts Payable Accounts Receivable 1,000 Stockholders' Equity Supplies 800 Contributed Capital Retained Earnings $ 1310 $1,500 615 Total Assets $3,425 Total Liabilities & Stk. Equity $3,425 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 Co search