Question: Derma Care is owned and operated by Marilyn McColley the

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.

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  • CreatedFebruary 04, 2014
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