Integrated financial statement framework

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Reference no: EM13767352

Derma Care is owned and operated by Marilyn McColley, the sole stockholder. During February 2013, Derma Care entered into the following transactions:

a. Marilyn McColley invested $30,000 in Derma Care in exchange for capital stock.

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

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

d. Received fees of $43,500 during February.

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

f. Paid dividends of $5,000.

Record the preceding transactions using the integrated financial statement framework.

After each transaction, you should enter a balance for each item.

Reference no: EM13767352

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