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Required information The following information applies to the questions displayed below The following transactions apply to Hooper Co. for 2018, its first year of operations:
Required information The following information applies to the questions displayed below The following transactions apply to Hooper Co. for 2018, its first year of operations: 1. Issued $140,000 of common stock for cash. 2. Provided $106,000 of services on account. 3. Collected $92,000 cash from accounts receivable. 4. Loaned $13,000 to Mosby Co. on November 30, 2018. The note had a one-year term to maturity and a 10 percent interest rate 5. Paid $46,000 of salaries expense for the year. 6. Paid a $4,000 dividend to the stockholders. 7. Recorded the accrued interest on December 31, 2018 (see item 4). 8. Estimated that 1 percent of service revenue will be uncollectible. Required a. Show the effects of these transactions in a horizontal statements model like the one shown as follows. (Enter any decreases to account balances and cash outflows with a minus sign. Do not round intermediate calculations and round your final answers to nearest whole number)
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