On June 1st, a men's clothing store formed. The owner contributed $30,000 from ...

On June 1st, a men's clothing store formed. The owner contributed $30,000 from personal savings, and the business borrowed $150,000 from the local bank for start-up expenses. The loan from the bank is due in three years. The store also purchased $100,000 of men's clothing for resale. The entire purchase was on credit due in 30 days. Create the balance sheet for the store on June 1st. Be sure to accurately label sections and items. [Helpful hint: There are five items in total on the balance sheet for this problem