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

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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.;Warren, Carl S. (2012-02-03). Survey of Accounting (Page 115). Cengage Textbook. Kindle Edition.

 

Paper#77308 | Written in 18-Jul-2015

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