Alex Vera organized Succulent Epress at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock.b. Paid $5,400 on February 1 for an insurance premium on a one-year policy.c. Purchased supplies on account, $1,800.d. Received fees of $57,000 during February.e. Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200.f. Paid dividends of $8,000. Part 2: Record the adjustments at the end of February to record the insurance expense and supplies expense. There was $300 of supplies on hand as of February 28. Identify the adjustment for insurance as (a1) and supplies as (a2). Enter the Net income under the Income Statement column after recording both adjustments. Statement of Cash Flowsa. Financing b. Operating d. Operating e. Operating f. Financing Increase in cash

Name: Alex Vera organized Succulent Epress at the beginning of February 20Y4
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Description: Alex Vera organized Succulent Epress at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock.b. Paid $5,400 on Feb

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Alex Vera organized Succulent Epress at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:
a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock.
b. Paid $5,400 on February 1 for an insurance premium on a one-year policy.
c. Purchased supplies on account, $1,800.
d. Received fees of $57,000 during February.
e. Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200.
f. Paid dividends of $8,000.

Part 2:
Record the adjustments at the end of February to record the insurance expense and supplies expense. There was $300 of supplies on hand as of February 28.
Identify the adjustment for insurance as (a1) and supplies as (a2).
Enter the Net income under the Income Statement column after recording both adjustments.

Statement of Cash Flows
a. Financing
b. Operating
d. Operating
e. Operating
f. Financing
Increase in cash

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