Transactions using integrated financial statement framework

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Reference no: EM131304051

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

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

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

Purchased supplies on account, $1,200

Received fees of $43,500 during February.

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

Paid dividends of $5,000

Record the transactions using the integrated financial statement framework. Tell what account and element of the accounting equation (assets, liabilities, stockholders equity) is affected and the amount and if it increased or decreased.

Reference no: EM131304051

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