Question: Using the data from Exercise 3-1, record the adjusting entries at the end of February to record the insurance expense and supplies expense. There was

Using the data from Exercise 3-1, record the adjusting entries at the end of February to record the insurance expense and supplies expense. There was $150 of supplies on hand as of February 28. Identify the adjusting entry for insurance as (a1) and supplies as (a2)

Exercise3-1

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

a. Terry Mason invested $15,000 in The Fifth Season in exchange for common stock.

b. Paid $2,700 on February 1 for an insurance premium on a 1-year policy.

c. Purchased supplies on account, $900.

d. Received fees of $28,500 during February.

e. Paid expenses as follows: wages, $10,800; rent, $3,200; utilities, $1,400; and miscellaneous, $1,600.

f. Paid dividends of $4,000..

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