Adjustment Process Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: a. Terry Mason invested $32,625 in Succulent Express in exchange for common stock. b. Paid $4,410 on February 1 for an insurance premium on a one-year policy. C. Purchased supplies on account, $3,720. d. Received fees of $43,455 during February. e. Paid expenses as follows: wages, $20,400; rent, $3,400; utilities, $1,700; and miscellaneous, $1,870. f. Paid dividends of $8,985. 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 $2,046 of supplies on hand as of February 28. Identify the adjusting entry for insurance as (al) 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 Assets Liabilities Stockholders' Equity Cash + Supplies + Prepaid Insurance Accounts Payable Common Stock + Retained Earnings a. Investment 32,625 32,625 b. Paid insurance -4,410 4,410 Balances 28,215 4,410 32,625 C. Purchased supplies 3,720 3,720 Balances 28,215 3,720 4,410 3,720 32,625 d. Fees earned 43,455 43,455 Balances 71,670 3,720 4,410 3,720 32,625 43,455 e. Paid expenses -27,370 -27,370 Balances 44,300 3,720 4,410 3,720 32,625 16,085 f. Paid dividends -8,985 -8,985 Balances 35,315 3,720 4,410 3,720 32,625 7,100 al. Balances a2 Balances, February 28 Statement of Cash Flows Income Statement a. Financing $32,625 d. Fees earned $43,455 b. Operating -4,410 e. Wages expense -20,400 d. Operating 43,455 e. Rent expense -3,400 Balances 44,300 3,720 4,410 3,720 32,625 16,085 f. Paid dividends -8,985 -8,985 Balances 35,315 3,720 4,410 3,720 32,625 7,100 al. Balances a2. Balances, February 28 Statement of Cash Flows Income Statement a. Financing $32,625 d. Fees earned $43,455 b. Operating -4,410 e. Wages expense -20,400 d. Operating 43,455 e. Rent expense -3,400 e. Operating -27,370 e. e Utilities expense -1,700 f. Financing -8,985 e. Miscellaneous expense -1,870 Increase in cash $35,315 al. a2