Effect of Transactions on Financial Statements Using Horizontal Stafements Model Balance Sheet Complete this question by entering your answers in the tabs below. Record each event in a statements model like the following one. In the Cash Flow column, use OA to designate operoting octivity, change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example. (Not and cash outflows with a minus sign.\} The following events were completed by Dana's Imports in September, Year 1: Sept. 1 Acquired $50,000 cash from the issue of conmon stock. 1 Purchased $28,9 of merchandise on account with terms 2/10,n/3. 5 Paid $60 cash for freight to obtain merchandise purchased on september 1. B sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/16,n/30. 8 Returned $60 of defective merchandise fron the Septenber 1 purchase to the supplier. 10 Paid cash for the balance due on the merchandise purchased on September 1. 20 Received cash from customers of september B sale in settlement of the account balinces, but not within the discount period. 30 Paid $2,458 cash for selling expenses. Required a. Record each event in a statements model like the following one. In the Cash Flow column, use OA to designate operating activity. IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example. b. Prepare an income statement for the month ending September 30. c. Prepare a statement of cash flows for the month ending September 30 . Required B Prepare an income statement for the month ending September 30. Prepare a statement of cash flows for the month ending September 30. (Cash outflows should be indicated with a sign.)