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Required information [The following information applies to the questions displayed below.] The following selected...

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Question

Accounting

Required information

[The following information applies to the questions displayed below.]

The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month.

  1. Cash sales for November Year 1 were $64,500 plus sales tax of 8 percent.
  2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1.
  3. Cash sales for December Year 1 were $80,500 plus sales tax of 8 percent.

Required

a. Record the effect of the given transactions in a horizontal statements model.

Note: In the Cash Flow column, use the initials "O" for operating activities, "FA" for financing activities, and "IA" for investing activity. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.

Assets

svent

Cash

Liabilities

Sales Tax

Payable

TOPECA SUPPLY

Horizontal Statements Model

Stockholder's Equity

Common

Retained

Stock

Earnings

Revenue

income Starement

Expense

Net Income

Statement of

Cash Flows

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