eBook Calculator Adjustment Process 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. Pald $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. Pald expenses as follows: wages, $10,800; rent, $3,200; utilities, $1,400; and miscellaneous, $1,600. f. Pald dividends of $4,000 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 $150 of supplies on hand as of February 28. Identify the adjusting entry for insurance as (a1) and supplies as (a2). 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. Enter account decreases as negative amounts. Balance Sheet Statement of Cash Flows Assets Liabilities Cash + Supplies + Prepaid Insurance Accounts Payable + a. Investment 15,000 b. Paid Insurance -2,700 2,700 Balances 12,300 2,700 900 c. Purchased supplies 900 900 2,700 900 12,300 Balances d. Fees earned 28,500 Previous Next > Check My Work Save and Emainstructor Submit Assignment for Grading All work saved