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The following transactions apply to Norris Co. for 2013, its first year of operations:
1. Issued $70,000 of common stock for cash. 2. Provided $95,000 of services on account. 3. Collected $81,000 cash from accounts receivable. 4. Loaned $20,000 to Scott Co. on November 30, 2013. The note had a one-year term to maturity and a 6 percent interest rate. 5. Paid $24,000 of salaries expense for the year. 6. Paid a $2,000 dividend to the stockholders. 7. Recorded the accrued interest on December 31, 2013 (see item 4). 8. Determined that $620 of accounts receivable were uncollectible.
Required:
a. Record the above transactions in general journal form. b. Post the entries to T-accounts. c. Prepare the income statement, balance sheet, and statement of cash flows for 2013. d. Show the effects of the above transactions in a horizontal statements model like the one shown below:
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