Milo Clothing experienced the following events during Year 1, its first year of operation. 1. Acquired 30,000 cash from the issue of common stock. 2. Purchased inventory for 15,000 cash. 3. Sold inventory costing 9,000 for 20,000 cash. 4. Paid 1,500 for advertising expenses.

Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, lIA 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

Exercise 3-5A (Static) Recording inventory transactions in a financial statements m Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Purchased inventory for $15,000 cash. 3. Sold inventory costing $9,000 for $20,000 cash. 4. Paid $1,500 for advertising expense. Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity. FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leav every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign