Required: Show the effects on the financial statements using a horizontal statement model as outlined below. The first one is done for you.
(35 points total, 5 points each)
	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
		Balance Sheet						Income Statement
						Owner's						Net
Event No.		Assets	=	Liabilities	+	Equity		Revenue	-	Expenses	=	Income
1		30,000	=		+	30,000		30,000	-	-	=	30,000
2			=		+				-	5,000	=
3			=	10,000	+				-		=
4		25,000	=		+			10,000	-		=	10,000
5			=		+				-		=	-
6			=		+				-		=	-
7			=		+				-		=	-