In: Accounting
Transactions Using Accrual Accounting
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 $15,000 in The Fifth Season in exchange for common stock.
Paid $2,700 on February 1 for an insurance premium on a 1-year policy.
Purchased supplies on account, $900.
Received fees of $28,500 during February
Paid expenses as follows: wages, $10,800; rent, $3,200; utilities, $1,400; and miscellaneous, $1,600.
Paid dividends of $4,000.
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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