Question: Show the effects on the financial statements using a horizontal statement model .

1. Sold $30,000 in merchandise for cash

2. Paid $5,000 for rent with cash

3. Paid $10,000 in salaries to employees with cash

4. Sold $25,000 in merchandise and customer paid on credit

5. Collected $10,000 cash for transaction #4

6. Purchased a building for $100,000 and took out a loan for the money

7. Paid the $1,200 telephone bill with cash