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eBook Adjustment Process Alex Vera organized Succulent Express at the beginning of February 2014. During February, Succulent Express entered into the following transactions: a. Terry Mason invested $31,875 in Succulent Express in exchange for common stock. b. Pald $4,620 on February 1 for an insurance premium on a one-year policy 6. Purchased supplies on account, $2,100. d. Received fees of $62,180 during February. e. Pald expenses as follows: wages, $15,000 rent, $2,500; utilities, $1,250; and miscellaneous, $1,375. f. Paid dividends of $8,580. 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 51,365 of supplies on hand as of February 28. Identify the adjusting entry for insurance (at) 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 using the minus sign. Financial Statement Effects Balance Sheet Liabilities Stockholde Assets Cash Common Stock + Supplies + Prepaid Insurance = Accounts Payable Investment 31.875 Check My Work more choc Wortmann a Assets cash Stockh Supplies Prepaid Insurance a Investment Accountable Common Stock 31,875 b. Paid insurance 31,873 -4,620 4,620 Balances 27,255 4,620 c. Purchased supplies 31,873 2,100 2,100 Balances 27,255 2,100 4,620 2,100 31,875 d. Fees eamed 62,180 Balances 89,435 2,100 4,620 2,100 31,875 e. Paid expenses -20.125 Balances 69,310 2.100 4,620 2,100 31 875 ti Pald dividends 19.580 Balances 60.730 2,100 4,620 2,100 31 875 al Balances 82 Balances February 28 Assets AssignmentSessionLocator npr. Liabilities Stockholders Equity + ash + Supplies Prepaid Insurance Accounts Payable Common Stock + Retained Earnings 31,875 31,875 4,620 4,620 27 255 4,620 31,875 2,100 2,100 27255 2.100 4,620 2,100 31,875 62, 180 62,180 89-435 2.100 4,620 2.100 31,875 62,180 20125 -20 125 69,310 2,100 4.620 2.100 31,875 42,055 -8,580 580 2.100 31.875 33,475 B0780 2,100 4.620 CengageNOW2 Onlir X agenow.com/ilm/takeAssignment assignmentMain.do?invoker=&takeAssignmentSessionLocator=&inpr... -8,580 1,550 60,730 2.100 4,620 2,100 31,875 33,175 ary 28 atement of Cash Flows Income Statement $31,875 d. Fees eamed $62,180 -4,620 e Wages expense -15,000 62,180 Rent expense -2,500 -20,125 Utilities expense -1,250 -8,580 e. Miscellaneous expense -1,375 $60,730 ai a2 Check My Work 10 ore Check My Worl user remaining Ne eBook Adjustment Process Alex Vera organized Succulent Express at the beginning of February 2014. During February, Succulent Express entered into the following transactions: a. Terry Mason invested $31,875 in Succulent Express in exchange for common stock. b. Pald $4,620 on February 1 for an insurance premium on a one-year policy 6. Purchased supplies on account, $2,100. d. Received fees of $62,180 during February. e. Pald expenses as follows: wages, $15,000 rent, $2,500; utilities, $1,250; and miscellaneous, $1,375. f. Paid dividends of $8,580. 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 51,365 of supplies on hand as of February 28. Identify the adjusting entry for insurance (at) 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 using the minus sign. Financial Statement Effects Balance Sheet Liabilities Stockholde Assets Cash Common Stock + Supplies + Prepaid Insurance = Accounts Payable Investment 31.875 Check My Work more choc Wortmann a Assets cash Stockh Supplies Prepaid Insurance a Investment Accountable Common Stock 31,875 b. Paid insurance 31,873 -4,620 4,620 Balances 27,255 4,620 c. Purchased supplies 31,873 2,100 2,100 Balances 27,255 2,100 4,620 2,100 31,875 d. Fees eamed 62,180 Balances 89,435 2,100 4,620 2,100 31,875 e. Paid expenses -20.125 Balances 69,310 2.100 4,620 2,100 31 875 ti Pald dividends 19.580 Balances 60.730 2,100 4,620 2,100 31 875 al Balances 82 Balances February 28 Assets AssignmentSessionLocator npr. Liabilities Stockholders Equity + ash + Supplies Prepaid Insurance Accounts Payable Common Stock + Retained Earnings 31,875 31,875 4,620 4,620 27 255 4,620 31,875 2,100 2,100 27255 2.100 4,620 2,100 31,875 62, 180 62,180 89-435 2.100 4,620 2.100 31,875 62,180 20125 -20 125 69,310 2,100 4.620 2.100 31,875 42,055 -8,580 580 2.100 31.875 33,475 B0780 2,100 4.620 CengageNOW2 Onlir X agenow.com/ilm/takeAssignment assignmentMain.do?invoker=&takeAssignmentSessionLocator=&inpr... -8,580 1,550 60,730 2.100 4,620 2,100 31,875 33,175 ary 28 atement of Cash Flows Income Statement $31,875 d. Fees eamed $62,180 -4,620 e Wages expense -15,000 62,180 Rent expense -2,500 -20,125 Utilities expense -1,250 -8,580 e. Miscellaneous expense -1,375 $60,730 ai a2 Check My Work 10 ore Check My Worl user remaining Ne

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