THERE ARE 7 PARTS TO THE PROBLEM IGNORE THE 'S ALREADY INPUTED Francines 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 Francines Fast Deliveries, Inc Balance Sheet at January 1, 2012 Assets Liabilities Cash $ 1,625 Accounts Payable $ 1,310 Accounts Receivable 1,000 Stockholders Equity Supplies 800 Contributed Capital $ 1,500 Retained Earnings 615 Total Assets $ 3,425 Total Liabilities Stk Equity $ 3,425 January Transactions for Francines 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 1 st State Bank at 6 annual interest 6 A delivery van is purchased for cash Including tax the total cost was $52,800 It 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 Decembers 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 20 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 b 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 1 st State Bank loan ) d Record January depreciation e Adjust the prepaid asset (Rent and Insurance) accounts as needed Required 1 Record the transactions for January, the first full month of operations (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Rent is paid for 3 months beginning in January $4,050 (Record as an asset) Note Enter debits before credits Date General Journal Debit Credit 4,050 Prepaid Rent Cash Jan 2c 4,050 Record entry Clear entry View general journal

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**THERE ARE 7 PARTS TO THE PROBLEM. * IGNORE THE ##'S ALREADY INPUTED *** Francines Fast Deliveries, Inc. (FFD) was organized in December of 2011.

****THERE ARE 7 PARTS TO THE PROBLEM. *** IGNORE THE ##'S ALREADY INPUTED ***

Francines 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:

Francines Fast Deliveries, Inc. Balance Sheet at January 1, 2012
Assets:			Liabilities:
Cash	$	1,625	Accounts Payable	$	1,310
Accounts Receivable		1,000	Stockholders Equity:
Supplies		800	Contributed Capital	$	1,500
			Retained Earnings		615

Total Assets	$	3,425	Total Liabilities & Stk. Equity	$	3,425

January Transactions for Francines 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 1^st State Bank at 6% annual interest.
6	A delivery van is purchased for cash. Including tax the total cost was $52,800. It 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 Decembers 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.
20	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.
b.	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 1^st State Bank loan.)
d.	Record January depreciation.
e.	Adjust the prepaid asset (Rent and Insurance) accounts as needed.

Required 1. Record the transactions for January, the first full month of operations. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Rent is paid for 3 months beginning in January: $4,050 (Record as an asset) Note: Enter debits before credits. Date General Journal Debit Credit 4,050 Prepaid Rent Cash Jan. 2c 4,050 Record entry Clear entry View general journal