1 The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAS is a servi business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clo to college students. 15 points eBook 101 Hint Print Data for Hopkins CPAS 1. Borrowed $90,000 from the bank to start the business. 2. Provided $50,000 of services to clients and collected $50,000 cash. 3. Paid salary expense of $32,000. Data for Sports Clothing 1. Borrowed $90,000 from the bank to start the business. 2. Purchased $50,000 inventory for cash. 3. Inventory costing $26,000 was sold for $50,000 cash. 4. Paid $8,000 cash for operating expenses.

The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a serv business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clo to college students. Data for Hopkins CPAs 1. Borrowed $90,000 from the bank to start the business. 2. Provided $50,000 of services to clients and collected $50,000 cash. 3. Paid salary expense of $32,000 Data for Sports Clothing 1. Borrowed $90,000 from the bank to start the business: 2. Purchased $50,000 inventory for cash 3 Inventory costing $26,000 was sold for $50,000 cash. 4. Paid $8,000 cash for operating expenses