Financial Statements Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: Terry Mason invested $30,000 in Succulent Express in exchange for common stock. Paid $5,400 on February 1 for an insurance premium on a one-year policy. Purchased supplies on account, $1,800. Received fees of $57,000 during February. Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200. Paid dividends of $8,000. There was $300 of supplies on hand as of February 28. Financial Statement Effects Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + Supplies + Prepaid Insurance = Accounts Payable + Common Stock + Retained Earnings a.
Financial Statements Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: Terry Mason invested $30,000 in Succulent Express in exchange for common stock. Paid $5,400 on February 1 for an insurance premium on a one-year policy. Purchased supplies on account, $1,800. Received fees of $57,000 during February. Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200. Paid dividends of $8,000. There was $300 of supplies on hand as of February 28. Financial Statement Effects
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