Terry Mason organized The Fifth Season at the beginning of February 20Y4. During February, The Fifth Season entered into the following transactions:

1. Terry Mason invested $31,875 in The Fifth Season in exchange for common stock.
2. Paid $6,510 on February 1 for an insurance premium on a 1-year policy.
3. Purchased supplies on account, $3,540.
4. Received fees of $49,875 during February.
5. Paid expenses as follows: wages, $20,400; rent, $3,400; utilities, $1,700; and miscellaneous, $1,870.
6. Paid dividends of $9,525.

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 $2,832 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. If required, round your answer to the nearest dollar. Enter account decreases as negative amounts.

Statement of Cash Flows

Balance Sheet

Assets

=

Liabilities

+

Stockholders' Equity

Cash

+

Supplies

+

Prepaid Insurance

=

Accounts Payable

+

Common Stock

+

Retained Earnings

a. Investment

31,875

31,875

b. Paid insurance

6,510

6,510

Balances

25,365

6,510

31,875

c. Purchased supplies

3,540

3,540

Balances

25,365

3,540

6,510

3,540

31,875

d. Fees earned

49,875

49,875

Balances

75,240

3,540

6,510

3,540

31,875

49,875

e. Paid expenses

27,370

27,370

Balances

47,870

3,540

6,510

3,540

31,875

22,505

f. Paid dividends

-9,525

-9,525

Balances

38,345

3,540

6,510

3,540

31,875

12,980

a1.

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Balances

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a2.

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Balances, February 28

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Statement of Cash Flows

Income Statement

a. Financing

$31,875

d. Fees earned

$49,875

b. Operating

-6,510

e. Wages expense

-20,400

d. Operating

49,875

e. Rent expense

-3,400

e. Operating

-27,370

e. Utilities expense

-1,700

f. Financing

-9,525

e. Miscellaneous expense

-1,870

Increase in cash

$38,345

a1.

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a2.

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