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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: Terry Mason invested
Terry Mason organized The Fifth Season at the beginning of February 20Y4. During February, The Fifth Season entered into the following transactions:
- Terry Mason invested $31,500 in The Fifth Season in exchange for common stock.
- Paid $7,350 on February 1 for an insurance premium on a 1-year policy.
- Purchased supplies on account, $2,100.
- Received fees of $43,990 during February.
- Paid expenses as follows: wages, $16,800; rent, $2,800; utilities, $1,400; and miscellaneous, $1,540.
- Paid dividends of $8,310.
Record the preceding transactions using the integrated financial statement framework. After each transaction, enter a balance for each item. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts.
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