Bsercise 7-13A Efect of credit card sales on financial statements Day Spa provided $120,000 of services during 2016. All customers paid for the services Ultra with credit cards. Ultra submitted the credit card receipts to the credit card com ately The credit card company paid Ultra cash in the amount of face value less a 5 percent ser- vice charge. pany immedi- Required a. Record the credit card sales and the subsequent collection of accounts receivable in a hori- zontal statements model like the one shown here. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event