1. Record the events on the next page in the accompanying formula worksheet 2. Write out the journal entries for the events on the next page 3. Create the financial statements with the ending information from the worksheet 4. Once you have your Financial Statements completed, please make a comment or two in the online text input box about what the information is telling you Event List 1. Opened a bank account with previously earned (retained earnings) money for $50,000 2. Bought a house by paying $20,000 down in cash and taking a loan of $170,000 3. Bought a vehicle by paying $500 down in cash and taking a loan of $26,500 4. Worked (performed services) to clients for $62,000 cash 5. Paid for materials used (expense) in the services performed with cash for $21,000 6. Paid for repairs and utilities of the house and vehicle (just regular expenses) with cash for $11,000 7. During the year, you paid $8,500 in interest and $11,500 in principal on the loan on the house with cash 8. During the year, you paid $875 in interest and $5,400 in principal on the loan on the vehicle with cash 9. During the year, you paid $22,500 for personal-related expenses in cash 10. At the end of the year, you purchased $3,000 in gifts (expenses) for others that you paid for with a new credit card TIB III IIIIIIII CFS Cash Flow Activity Cash Flow