/The following information applies to the questions displayed below Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011 It hed limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below Balance Sheet Assets Cash $ 1,550Accounts Payable S 1160 Accounts Recervable Supplies 950 Stockholders Equity 750 Contributed Capital Retalned Earnings $1,500 590 Total Assets $3,250 Total Liabitites &Stk. Equity $3,250 January Transactions for Francine's Fast Delveries, Inc. (FFD) Date 1 Owners invest $27,000 of additional cash in the business. Insurance is paid for 12 months beginning January t: $7680 Record as an asset 2c Rent is paid for 3 months beginning in January $3,900 (Record as an asset 2d Two employees are hired. Each employee will be poid $1500 per month 3 FFD borrows $31,000 from 1st State Bank at 6% annual interest 6 A delivery van is purchased for cash. Including tax the total cost was $50,400 t 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 $665 of the recevables from Decembers sales are collected 8 $928 of the accounts payable from December are paid 9 Performed services for customers on occount Malled inivoices totaling $10.000 10 Services are performed for cash customers $7000 16 Wages for the first half of the month are paid on January 16 $1500 The company receives $3,650 from a customer for an advance order for services to be provided in January and February 20 25 Collections from customers on account (see January 9 transactionj $4,000 The lost 2 weeks wages earned by employees are $750 per employee and will be paid on Februery 3. 30a 30b A $950 utility bill for January arrived. It is due on February 15 Additional Information for adjusting entries at January 3t a. Supplies on hand on January 31 total $360 b. The company completed 60% of the delvenes for the customer who paid n advance on January 20. c. Interest is accrued for the bank loan. (Assume a full month for the 15t State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed value: 16.66 points /The following information applies to the questions displayed below Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011 It hed limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below Balance Sheet Assets Cash $ 1,550Accounts Payable S 1160 Accounts Recervable Supplies 950 Stockholders Equity 750 Contributed Capital Retalned Earnings $1,500 590 Total Assets $3,250 Total Liabitites &Stk. Equity $3,250 January Transactions for Francine's Fast Delveries, Inc. (FFD) Date 1 Owners invest $27,000 of additional cash in the business. Insurance is paid for 12 months beginning January t: $7680 Record as an asset 2c Rent is paid for 3 months beginning in January $3,900 (Record as an asset 2d Two employees are hired. Each employee will be poid $1500 per month 3 FFD borrows $31,000 from 1st State Bank at 6% annual interest 6 A delivery van is purchased for cash. Including tax the total cost was $50,400 t 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 $665 of the recevables from Decembers sales are collected 8 $928 of the accounts payable from December are paid 9 Performed services for customers on occount Malled inivoices totaling $10.000 10 Services are performed for cash customers $7000 16 Wages for the first half of the month are paid on January 16 $1500 The company receives $3,650 from a customer for an advance order for services to be provided in January and February 20 25 Collections from customers on account (see January 9 transactionj $4,000 The lost 2 weeks wages earned by employees are $750 per employee and will be paid on Februery 3. 30a 30b A $950 utility bill for January arrived. It is due on February 15 Additional Information for adjusting entries at January 3t a. Supplies on hand on January 31 total $360 b. The company completed 60% of the delvenes for the customer who paid n advance on January 20. c. Interest is accrued for the bank loan. (Assume a full month for the 15t State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed value: 16.66 points