Adjustment Process Terry Mason organized The Fifth Season at the beginning of February 2014. During February, The Fith Season entered into the following transactions: 3. Terry Mason invested $27,750 in The Fifth Season in exchange for common stock b. Paid $4,410 on February 1 for an insurance premium onla 1-year policy. c. Purchased supplies on account, $3,900. d. Received fees of 546,130 during February e. Pald expenses as follows: wages, $22.200; rent, $3,700, utilities, 51,850, and miscellaneous, $2,035 1. Paid dividends of $8,715. The transactions above have already been recorded in the integrated financial statement framework below Record the adjusting entries at the end of February to record the insurance expense and supplies expense. There was $2,340 of supplies on hand as of February 28. Identify the adjusting entry for insurance as (al) and supplies as(2), Use the integrated financial statement framework below. After each transaction, enter a balance for each item. If an amount box does not require an entry leave it blank. If required, round your answer to the nearest dollar. Enter account decreases as negative amounts Calculator Balance Sheet Statement of Cash Flows Assets Liabilities Stockholders' Equity Cash + Supplies + Prepaid Insurance Accounts Payable Common Stock Retained Earnings 27.750 27,750 3. Investment 4,410 b. Pald Insurance 4,410 27,750 Balances 23,340 c. Purchased supplies 3.900 3,900 3.900 4,410 3,900 27,750 23,340 Balances 46,130 d. Fees earned 46,130 69.470 46,130 3,900 3.900 4410 27,750 -29,785 -29,785 e. Pald expenses 27,750 16,345 39,685 3.900 4,410 3,900 Balances -8,715 1. Paid dividends -8,715 3,900 4,410 3,900 27.750 30,970 7,630 Balances Balances LIII a2 Balances, February 28 Previous Bacances, Peony 28 Statement of Cash Flows Encome Statement a. Financing $27,750 d. Fees earned b. Operating -4,410 Wages expense d. Operating 46,130 e Rent expense .. Operating -29,785 Utes en Financing -8,715 Increase in cash $30,970