Question: transactions using accrual accounting chris vining organized the herbal shoppe...
Transactions Using Accrual Accounting
Chris Vining organized The Herbal Shoppe at the beginning of February 20Y4. During February, The Herbal Shoppe entered into the following transactions:
- Chris Vining invested $25,000 in The Herbal Shoppe in exchange for capital stock.
- Paid $4,200 on February 1 for an insurance premium on a 1-year policy.
- Purchased supplies on account, $1,200.
- Received fees of $36,500 during February.
- Paid expenses as follows: wages, $12,000; rent, $2,000; utilities, $1,000; and miscellaneous, $1,100.
- Paid dividends of $7,500.
Record the preceding transactions using the integrated financial statement framework. After each transaction, enter a balance for each item. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts.