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following transactions apply to Baker Co. for 2010, its first year of operations. Issued $

following transactions apply to Baker Co. for 2010, its first year of operations. Issued $

The following transactions apply to Baker Co. for 2010, its first year of operations.
1. Issued $190,000 of common stock for cash.
2. Provided $98,000 of services on account.
3. Collected $88,000 cash from accounts receivable.
4. Loaned $9,000 to BBC on September 1, 2010. The note had a one-year term to maturity and an 8 percent interest rate.
5. Paid $38,000 of salaries expense for the year.
6. Paid a $3,000 dividend to the stockholders.
7. Recorded the accrued interest on December 31, 2010 (see item 4).
8. Uncollectible accounts expense is estimated to be 1 percent of sales on account.
Rosa Parks 10-Nov-2017

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