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Answered) NEED HELP FINDING VALUES FOR THE ACCOUNTS THAT ARE BLANK CAN YOU PLEASE HELP. [The following information applies to the questions displayed below.]...


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3.

Prepare an unadjusted trial balance using the T-Account balances.


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NEED HELP FINDING VALUES FOR THE
ACCOUNTS THAT ARE BLANK CAN YOU PLEASE HELP. [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
Liabilities: Assets:
Cash $ Accoun
ts
Receiva
ble
Supplie
s 1,625 Accounts
Payable 1,000 Stockholde
rs’ Equity: 800 Contribute
d Capital $ 1,310 $ 1,500 Retained
Earnings
Total
Assets $ 3,425 Total
Liabilities
& Stk.
Equity 615 $ January Transactions for Francine’s Fast Deliveries, Inc. (FFD) 3,425 Date
1
2a
2b
2c
2d
3
6 Owners invest $28,000 of additional cash in the business.
Supplies are purchased for $1,100 on account.
Insurance is paid for 12 months beginning January 1: $7,860 (Record as an asset)
Rent is paid for 3 months beginning in January: $4,050 (Record as an asset)
Two employees are hired. Each employee will be paid $1,570 per month
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 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
8
9
10
16 $700 of the receivables from December’s sales are collected.
$1,048 of the accounts payable from December are paid.
Performed services for customers on account. Mailed invoices totaling $10,200.
Services are performed for cash customers: $7,140.
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 1st State Bank loan.)
d. Record January depreciation.
e. Adjust the prepaid asset (Rent and Insurance) accounts as needed.

 


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