Clark Bell started a personal financial planning business when he accepted $67,000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1. Required: a. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Note: Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. CLARK BELL PERSONAL FINANCIAL PLANNING Horizontal Statements Model for Year 13 Stockholders Equity Balance Sheet Assets Event B Liabies Cash Unearned Revenue Retained Earnings Revenue Income Statement Expense = Net Income Statement of Cash Flows 1. Advance payment 2. Revenue earned Totals < Prev 4 of 10 Next > ^ IMG_0382.jpg IMG_0381.jpg IMG_0380.jpg IMG_0379.jpg