ACCT 3013-Francine’s Fast Deliveries, Inc. (FFD) was organized

Project 1: Part 33.Prepare an unadjusted trial balance using the T-Account balances.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 Sheetat January 1, 2012 Assets: Liabilities: Cash$1,625 Accounts Payable$1,310 Accounts Receivable1,000 Stockholders’ Equity: Supplies800 Contributed Capital$1,500 Retained Earnings615 Total Assets$3,425 Total Liabilities & Stk. Equity$3,425January Transactions for Francine’s Fast Deliveries, Inc. (FFD) Date1 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 month3 FFD borrows $32,000 from 1st 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 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: $1,570.20 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): $4,08030a 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.