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.