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The following transactions apply to Hooper Co. for Year 1, its first year of operations:
Required
Question a. Record the above transactions in general journal form.
Question b. Post the entries to T-accounts.
Question c. Prepare the income statement, balance sheet, and statement of cash flows for Year 1.
Question d. Show the effects of the above transactions in a horizontal statements model like the one shown below: When you record amounts in the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA), or net change (NC). The letters NA indicate that an element is not affected by the event.
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