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2. Assume the November transactions for Hoover Co. are as follows: a. Received cash of $40,000 from investors in exchange for capital stock. b. Provided
2. Assume the November transactions for Hoover Co. are as follows: a. Received cash of $40,000 from investors in exchange for capital stock. b. Provided services of $15,600 on account. c. Purchased supplies on account $800. d. Received cash of $10,900 from clients for services previously billed. e. Received $5,100 for services provided from clients who paid cash. f. Paid $400 on account for supplies that had been purchased. g. Paid $2,400 for a one-year insurance policy h. i. Paid dividends of $1,500 to stockholders. Paid the following expenses: wa id the following expenses: wages, $8,000; utilities, $900; rent, $2,000. Record the transactions, using the integrated financial statement framework that follows: Assets = Liabilities + Stockholders' Equity Accounts SuppliesPrepaidAccounts Capital Retained Insurance Payable Stock Earnings Cash Receivable a. c. d. f
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