The following transactions apply to Hooper Co. for Year 1, its first year of operations:...
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The following transactions apply to Hooper Co. for Year 1, its first year of operations: Issued $160,000 of common stock for cash. Provided $90,000 of services on account. Collected $74,000 cash from accounts receivable. Loaned $15,000 to Mosby Co. on November 30, Year 1. The note had a one-year term to maturity and a 8 percent interest rate. Paid $36,000 of salaries expense for the year. Paid a $3,000 dividend to the stockholders. Recorded the accrued interest on December 31, Year 1 (see item 4). Estimated that 1 percent of service revenue will be uncollectible.
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