The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students. Data for Hopkins CPAs 1. Borrowed $101,700 from the bank to start the business. 2. Provided $67,800 of services to clients and collected $56,500 cash. 3. Paid salary expense of $36,160. Data for Sports Clothing 1. Borrowed $101,700 from the bank to start the business. 2. Purchased $67,800 inventory for cash. 3. Inventory costing $29,380 was sold for $56,500 cash. 4. Paid $9,040 cash for operating expenses.