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prepare an adjusted trial balance using the graph and information above!

Fast Deliveries, Incorporated (FDI). was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below. Assets Casti Accounts Receivable Supplies FAST DELIVERIES, INCORPORATED Balance Sheet at Danuoty 1 Liabilities: $ 12,100 Accounts Payable 710 Stockholders' Equity: 338 Common Stock Retained Earnings $ 13, 140 Total Liabilities and Stockholders' Equity $ 700 Total Assets 11,930 510 $ 13, 140 Two employees have been hired, at a monthly salary of $2,700 each. The following transactions occurred during January of the current year January 1 2 3 4 5 6 7 8 $4,200 is paid for 12 months' Insurance starting January 1. (Record as an asset.) $4,800 is paid for 12 months of rent beginning January 1. (Record as an asset.) FDI borrows $28,800 cash from First State Bank at 5% annual interest; this note is payable in two years. A delivery van is purchased using cash. Including tax, the total cost was $24,000. Stockholders contribute $8,000 of additional cash to For for its common stock. Additional supplies costing $900 are purchased on account and received. 5500 of accounts receivable arising from last year's December sales are collected. $400 of accounts payable from December of last year are paid. Performed services for customers on account. Sent invoices totaling $10,500. 57,000 of services are performed for customers who paid fanediately in cash. 52.700 of salaries are paid for the first half of the month. FOI receives $4,000 cash from a customer for an advance order for services to be provided later in January and in February 54,200 is collected from custoners on account (see January transaction) 10 16 20 25 January 1. 31b. 31c. 31d. Additional information for adjusting entries A $800 bill arrives for January utility services. Payment is due February 15. Supplies on hand on January 31 are counted and determined to have cost $240. As of January 31, FOI had completed 60% of the deliveries for the customer who paid in advance on anuary 20 Accrue one month of Interest on the bank loan. Yearly Interest is determined by multiplying the aount borrowed by the annual interest rate (expressed as 0.05). For convenience, calculate January interest as one twelfth of the annual interest. Assume the van 11 be used for 4 years after which it will have no value. Thus, each year one fourth of the Van's benefits will be used up. Which odles annual depreciation equal to one fourth of the ven's total cost Record depreciation for the month of January, equal to one twelfth of the annual depreciation expenst Salaries earned by employees for the period from January 18 to 1 $1,350 per employee and will be paid on February ). Adjust the prepaid asset accounts for rent and Insurance at needed 31 if 5. Prepare an adjusted trial balance. (Do not round intermediate calculations.) FAST DELIVERIES, INCORPORATED Adjusted Trial Balance Debit Credit Account Titles Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Vehicles Accumulated Depreciation Accounts Payable Deferred Revenue Salaries and Wages Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Supplies Expenses Depreciation Expense Insurance Expense Rent Expense Interest Expense Totals 0$ Fast Deliveries, Incorporated (FDI). was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below. Assets Casti Accounts Receivable Supplies FAST DELIVERIES, INCORPORATED Balance Sheet at Danuoty 1 Liabilities: $ 12,100 Accounts Payable 710 Stockholders' Equity: 338 Common Stock Retained Earnings $ 13, 140 Total Liabilities and Stockholders' Equity $ 700 Total Assets 11,930 510 $ 13, 140 Two employees have been hired, at a monthly salary of $2,700 each. The following transactions occurred during January of the current year January 1 2 3 4 5 6 7 8 $4,200 is paid for 12 months' Insurance starting January 1. (Record as an asset.) $4,800 is paid for 12 months of rent beginning January 1. (Record as an asset.) FDI borrows $28,800 cash from First State Bank at 5% annual interest; this note is payable in two years. A delivery van is purchased using cash. Including tax, the total cost was $24,000. Stockholders contribute $8,000 of additional cash to For for its common stock. Additional supplies costing $900 are purchased on account and received. 5500 of accounts receivable arising from last year's December sales are collected. $400 of accounts payable from December of last year are paid. Performed services for customers on account. Sent invoices totaling $10,500. 57,000 of services are performed for customers who paid fanediately in cash. 52.700 of salaries are paid for the first half of the month. FOI receives $4,000 cash from a customer for an advance order for services to be provided later in January and in February 54,200 is collected from custoners on account (see January transaction) 10 16 20 25 January 1. 31b. 31c. 31d. Additional information for adjusting entries A $800 bill arrives for January utility services. Payment is due February 15. Supplies on hand on January 31 are counted and determined to have cost $240. As of January 31, FOI had completed 60% of the deliveries for the customer who paid in advance on anuary 20 Accrue one month of Interest on the bank loan. Yearly Interest is determined by multiplying the aount borrowed by the annual interest rate (expressed as 0.05). For convenience, calculate January interest as one twelfth of the annual interest. Assume the van 11 be used for 4 years after which it will have no value. Thus, each year one fourth of the Van's benefits will be used up. Which odles annual depreciation equal to one fourth of the ven's total cost Record depreciation for the month of January, equal to one twelfth of the annual depreciation expenst Salaries earned by employees for the period from January 18 to 1 $1,350 per employee and will be paid on February ). Adjust the prepaid asset accounts for rent and Insurance at needed 31 if 5. Prepare an adjusted trial balance. (Do not round intermediate calculations.) FAST DELIVERIES, INCORPORATED Adjusted Trial Balance Debit Credit Account Titles Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Vehicles Accumulated Depreciation Accounts Payable Deferred Revenue Salaries and Wages Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Supplies Expenses Depreciation Expense Insurance Expense Rent Expense Interest Expense Totals 0$

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