Use an excel template to record the following transactions and create financial statements for Year 1....

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Use an excel template to record the following transactions and create financial statements for Year 1. Accume th Assume that it is the first year of operations for Golf Ball Bob. Remember to make adjusting entries to transactions that will require yearend adjustments. 1) On 1/1/Y1 The company sells stock for $1,000,000 cash 2) On 1/1/Y1 the company obtains a bank loan for $500,000 (the loan is due in Year 2 and has an interest rate of 10%) 3) Company purchases golf balls (inventory) for cash. The purchase is for 75,000 new Titleist balls at $3 per ball 4) The company hires an employee and pays $40,000 in salaries throughout the year in cash. At December 31, Y1 The employee has earned $5,000 in salary that will be paid in January Year 2. 5) The Company sells 10,000 golf balls on account to customer 1 for $5 per ball. 5) The Company sells 10,000 golf balls on account to customer 1 for $5 per ball. 6) Bob purchases a company vehicle (classified as PP&E) on July 1st year. Bob paid $50,000 cash for the vehicle and depreciates it on a straight-line basis over 10 years. The estimated salvage value at the end of 10 years is $10,000. 7) Customer #1 returns 500 golf balls. 8) The company provides services to clean golf balls and provides those services. They bill the company $200,000 on account. 9) The Company pays a dividend of $5,000 10) 31, year one. It will be paid back in year 2. The amount is recorded as a Note Receivable. Golf Ball Bob loans an employee $2,500 on December Use an excel template to record the following transactions and create financial statements for Year 1. Accume th Assume that it is the first year of operations for Golf Ball Bob. Remember to make adjusting entries to transactions that will require yearend adjustments. 1) On 1/1/Y1 The company sells stock for $1,000,000 cash 2) On 1/1/Y1 the company obtains a bank loan for $500,000 (the loan is due in Year 2 and has an interest rate of 10%) 3) Company purchases golf balls (inventory) for cash. The purchase is for 75,000 new Titleist balls at $3 per ball 4) The company hires an employee and pays $40,000 in salaries throughout the year in cash. At December 31, Y1 The employee has earned $5,000 in salary that will be paid in January Year 2. 5) The Company sells 10,000 golf balls on account to customer 1 for $5 per ball. 5) The Company sells 10,000 golf balls on account to customer 1 for $5 per ball. 6) Bob purchases a company vehicle (classified as PP&E) on July 1st year. Bob paid $50,000 cash for the vehicle and depreciates it on a straight-line basis over 10 years. The estimated salvage value at the end of 10 years is $10,000. 7) Customer #1 returns 500 golf balls. 8) The company provides services to clean golf balls and provides those services. They bill the company $200,000 on account. 9) The Company pays a dividend of $5,000 10) 31, year one. It will be paid back in year 2. The amount is recorded as a Note Receivable. Golf Ball Bob loans an employee $2,500 on December

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