[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 $2,000 Accounts Payable Accounts Receivable 1,250 Stockholders' Equity: Supplies 1,050 Contributed Capital Retained Earnings $ 1,560 $2,000 740 Total Assets $4,300 Total Liabilities & Stk. Equity $4,300 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $33,000 of additional cash in the business. 2a Supplies are purchased for $1,350 on account. 2b Insurance is paid for 12 months beginning January 1: $8,760 (Record as an asset) Rent is paid for 3 months beginning in January: $4,950 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,920 per month FFD borrows $37,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $64,800. 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 $875 of the receivables from December's sales are collected. 8 $1,248 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $11,400. Services are performed for cash customers: $7,980. Wages for the first half of the month are paid on January 16: $1,920. The company receives $4,550 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): $4,560 The last 2 weeks wages earned by employees are $960 per employee and will 30a be paid on February 3. 30b $1,220 utility bill for January arrived. It is due on February 15. 10 Credit FAST DELIVERIES, INC. Unadjusted Trial Balance January 31 Account Title Debit Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated DepreciationEquipment 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 0 $