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The following selected transactions apply to Tiffany Jewelers Company for November and December Year 1....

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Accounting

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The following selected transactions apply to Tiffany Jewelers Company 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 untll the following month. 1. Cash sales for November Year 1 were $55,000, plus sales tax of 8 percent. 2. Tiffany Jewelers Company paid the November sales tax to the state agency on December 10 , Year 1. 3. Cash sales for December Year 1 were $110,000, plus sales tax of 8 percent. Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require an input-leave cells blank if there is no corresponding input needed

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