Show the effects on the financial statements using a horizontal statement model as outlined below. The first one is done. 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 $1,200 for insurance 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 = + - = - 3 = + - = - 4 = + - = - 5 = + - = - 6 = + - = - 7 = + - =