September 2023 Derma Care is owned and operated by Marilyn McColley the sole stockholder During February 2013 Derma Care entered into

2024 Derma Care is owned and operated by Marilyn McColley, the sole stockholder. During February 2013, Derma Care entered into the… Assignment Help

Derma Care is owned and operated by Marilyn McColley the sole stockholder During February 2013 Derma Care entered into 2023

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.

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