Reference no: EM132647238
Question - Terry Mason organized The Fifth Season at the beginning of February 20Y4. During February, The Fifth season entered into the following transactions:
a. Terry Mason invested 15,000 in the Fifth Season in exchange for common stock
b. Paid $2700 on Feb. 1 for an insurance premium on 1-year policy.
c. Purchased supplies on account, $900
d. Received fees of $28,500 during February.
e. Paid expenses as follows: wages, $10,800; rent, $3200; utilities, $1400; and misc. $1600
f. Paid dividends of $4000
Record the preceding transactions using the integrated financial statement framework. After each Transaction, you should enter the balance for each item.
E-2 Adjustment process. Using the data from E3-1, record the adjusting entries and the end of Feb. to record the insurance expense and supplies expense. there was $150 of supplies on hand as of Feb. 28th. Identify the adjusting entry for insurance as a (a1) and supplies (a2).
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