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Please answer the red ones that are incorrect Terry Mason organized The Fifth Scason at the beginning of Fcbruary 20Y4. During February, The Fitth Scason
Please answer the red ones that are incorrect
Terry Mason organized The Fifth Scason at the beginning of Fcbruary 20Y4. During February, The Fitth Scason entered into the following transactions: Tery Mason inwested $15,000 in The Fifth Seacon in exchange for common stock aid $2,70O on February 1 for an insurance premium on a 1-year policy. Purchased supplies on account, $900 Received fees of s28,500 during F f. Daid dinvdends a 0w , $10,800, rant, 53,200, utities 51,400; and miscelaneous, 11,600. The transactions ebove have already been recorded in the integrated financiel statement fremework below Paid dividends of $4,O00. centi y he ad usting entry or 'nsurance &s(? and supplies a5 a2 Use the integrated ramework below. Record the adjusting entnes at the end of February to eco the insura ce expense and supplies expense. There as $150 of supp e5 on hand as o February 28 After eoch transaction, enter a belance for esch item. Lf an amount box does not require an entry, leave it blank. Enter account decreases as negative amounts. nance stetemen Balance Sheet Liabilities+ Stockholders Equity Cash Supplies Insurance 15,000 5,000 b. Paid insurance 12,300 2,700 15,000 C. Purchased supplies 900 900 15,000 d. Fees earned 28,500 40,800 17,000 3,800 ,000 19,800 28,500 28,500 17,000 11,500 2,700 e. Paid expenses 900 900 5,000 f. Paid dividends 2,700 15,000 7,500 19,80x 19.00900 19,80 900 15.00 7,500 x 7,500 x 7,500x a2. Supplies expense 750 Belances, February 2 19,80150 15,00 -900 900 $15,000 2,700 29,SCo 17,000 4,000 19,800 a. Financing b. Operating c. Wages expense e. Rent expense e. Utilities expense e. Miscelleneous expense 1,400 1,600 2,700 x F. Finencing Lncreasc in cath 1. Insurance exglense Net incomeStep by Step Solution
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