Transactions using accrual accounting

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

1. Terry Mason invested $15,000in The Fifth Season in exchange for common stock.
2. Paid$2,700 on February1 for an insurance premiumon a 1-year policy.
3. Purchased supplies on account,$900.
4. Received fees of $28,500during February.
5. Paidexpenses as follows:wages, $10,800; rent, $3,200; utilities, $1,400; and miscellaneous,

$1,600.

1. Paiddividends of $4,000.

Record the preceding transactions using the integrated financial statement framework. Af

ter each transaction, you should enter a balancefor each item.