Create Financial Statement and Journal Entries

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