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I need helps with a1. and a2. and the income statement. please a. Terry Mason invested $26,125 in Succulent Express in exchange for common stock.
I need helps with a1. and a2. and the income statement. please
a. Terry Mason invested $26,125 in Succulent Express in exchange for common stock. b. Paid $4,410 on February 1 for an insurance premium on a one-year poticy. c. Purchased supplies on account, $3,720. d. Received fees of $37,570 during February. e. Pald expenses as follows: wages; $22,200; rent, $3,700; utitities, 51,850 ; and miscellaneous, $2,035. f. 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 $3,348 of supplies on hand as of February 28. Tdentify 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 entry, leave it blank, If required, round your answer to the nearest dollar. Enter account decreases as negative amounts using the min sign. Balances a2. Balances, February 28 \begin{tabular}{lr} \multicolumn{2}{|c}{ Statement of Cash Flows } \\ \hline a. Financing & $26,125 \\ \hline b. Operating & 4,410 \\ \hline d. Operating & 37,570 \\ \hline e. Operating & 29,785 \\ \hline f. Financing & 8,715 \\ \hline Increase in cash & $20,785 \\ \hline \end{tabular} Step by Step Solution
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