the following transactions apply to hooper co. for year 1, its first year of operations:
1. issued $180,000 of common stock for cash. 2. provided $90,000 of services on account. 3. collected $76,000 cash from accounts receivable.
4. loaned $13,000 to mosby co. on november 30, year 1. the note had a one-year term to maturity and a 8 percent interest rate. 5. paid $40,000 of salaries expense for the year. 6. paid a $2,500 dividend to the stockholders. 7. recorded the accrued interest on december 31, year 1 (see item 4). 8. estimated that 1 percent of service revenue will be uncollectible.