Chapter 3 Homework eBook 1. TMM.03.05 Adjustment Process ? 2. EX.03.01 Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: a. Terry Mason invested $25,875 in Succulent Express in exchange for common stock. 3. EX.03.02.ALGO b. Paid $7,140 on February 1 for an insurance premium on a one-year policy. c. Purchased supplies on account, $2,640. 4. EX.03.05 d. Received fees of $52,550 during February. e. Paid expenses as follows: wages, $16,800; rent, $2,800; utilities, $1,400; and miscellaneous, $1,540. f. Paid dividends of $8,985. 5. EX.03.06 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 $2,244 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 using the minus sign. Financial Statement Effects Balance Sheet Assets Liabilities + Stockholders' Equity Prepaid Accounts Retained Cash + Supplies + + Common Stock + Insurance Payable Earnings a. Investment 25,875 25,875 b. Paid insurance -7,140 7,140 Balances 18,735 7,140 25,875 Purchased supplies 2,640 2,640 Balances 18,735 2,640 7,140 2,640 25,875 d. Fees earned 52,550 52 Balances 71,285 2,640 7,140 2,640 25,875 52 Progress: 3/5 items Check My Work Previous Next Assignment Score: 84.48% Save and Exit Submit Assignment for GradingCengageNOWv2 | Online teach X C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Do Incognito Update : Chapter 3 Homework eBook a. Investment 25,875 25,875 ? 1. TMM.03.05 b. Paid insurance -7,140 7,140 2. EX.03.01 Balances 18,735 7,140 25,875 3. EX.03.02.ALGO C. Purchased supplies 2,640 2,640 Balances 18,735 2,640 7,140 2,640 4. EX.03.05 25,875 d. Fees earned 52,550 52,550 5. EX.03.06 Balances 71,285 2,640 7,140 2,640 25,875 52,550 e. Paid expenses -22,540 -22,540 Balances 48,745 2,640 7,140 2,640 25,875 30,010 Paid dividends -8,985 -8,985 Balances 39,760 2,640 7,140 2,640 25,875 21,025 ance expense V 7,140 X -7,140 X 7,140 X -2,244 X 2,244 X Balances 39,760 V 2,244 X 7,140 X 2,640 V 25,875 V 21,025 X a2. Supplies 2,244 X -2,244 X 2,244 X 2,244 X -2,244 X 39,760 X Balances, February 28 39,760 V O X 7,140 X 2,640 V 25,875 V 18,781 X Statement of Cash Flows Income Statement a. Financing $25,875 Fees earned $52,550 b. Operating 7,140 e. Wages expense -16,800 d. Operating 52,550 e. Rent expense 2,800 e. Operating -22,540 e. lities exp -1,400 f. Financing -8,985 e. Miscellaneous expense -1,540 Progress: 3/5 items Check My Work Previous Next Assignment Score: 84.48% Save and Exit Submit Assignment for Grading