(Answered) Problem - luv care is owned and operated by debbie gonalez

Accounting

Problem - Luv Care is owned and operated by Debbie Gonalez, the sole stockholder. During May 2011, Luv Care entered into the following transactions:

a. Debbie Gonalez invested $20,000 in Luv Care in exchange for capital stock.

b. Paid $7,200 on May 1 for an insurance premium on a 1-year policy.

c. Purchased supplies on account, $1,200.

d. Received fees of $32,500 during May.

e. Paid expenses as follows: wages, $8,000; rent, $2,500; utilities, $1,000; and miscellaneous, $850.

f. Paid dividends of $3,000.

Record the preceding transactions using the integrated financial statement framework. After each transaction, you should enter a balance for each item.

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