Exercise 5-14 Effect of credit card sales on financial statements LO 5-5 Superior Carpet Cleaning provided $89,000 of services during 2014, its first year of operations Al customers paid for the services with major credit cards Superior submitted the credit card receipts to the credit card company immediately. The credit card company paid Superior cash in the amount of face value less a 3 20 percent service charge. Required a. Record the credit card sales and the subsequent collection of accounts receivable in a horizontal statements model Ske the one shown below In the Cash Flow operating activity (OA), investing activity (IA) or financing activity (FA) Use NA to Indicate that an element is not affected by the event (Round intermediate calculetions and final answers to nearest whole dollar amount. Enter any decreases to account balances and cash outflows with a minus sign.) Horizontal Statements Model Assets Equity Income Staternent Expense Statement of Cash Flow Cash Net b. Answer the following questions (1) What is the amount of total assets at the end of the accounting period? (Round Intermediate calculations and final answer to nearest whole dollar O Type here to search Exercise 5-14 Effect of credit card sales on financial statements LO 5-5 Superior Carpet Cleaning provided $89,000 of services during 2014, its first year of operations Al customers paid for the services with major credit cards Superior submitted the credit card receipts to the credit card company immediately. The credit card company paid Superior cash in the amount of face value less a 3 20 percent service charge. Required a. Record the credit card sales and the subsequent collection of accounts receivable in a horizontal statements model Ske the one shown below In the Cash Flow operating activity (OA), investing activity (IA) or financing activity (FA) Use NA to Indicate that an element is not affected by the event (Round intermediate calculetions and final answers to nearest whole dollar amount. Enter any decreases to account balances and cash outflows with a minus sign.) Horizontal Statements Model Assets Equity Income Staternent Expense Statement of Cash Flow Cash Net b. Answer the following questions (1) What is the amount of total assets at the end of the accounting period? (Round Intermediate calculations and final answer to nearest whole dollar O Type here to search