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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 $2,700 on February 1 for an insurance premium on a 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, $3,200; utilities, $1,400; and miscellaneous, $1,600.f. Paid dividends of $4,000.
Problem 1: Record the preceding transactions using the integrated financial statement framework. After each Transaction, you should enter the balance for each item.
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