Ultra Day Spa provided $85,550 of services during Year 1. All customers paid for the services with credit cards. Ultra submitted the credit card receipts to the credit card company immediately. The credit card company paid Ultra cash in the amount of face value less a 4 percent service charge.

Ultra Day Spa provided $85,550 of services during Year 1. All customers paid for the services with credit cards. Ultra submitted the credit card receipts to the credit card company immediately. The credit card company paid Ultra cash in the amount of face value less a 4 percent service charge Required a. Show the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model like the one shown next. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (A), or financing activity (FA). Use NA to indicate that an element is not affected by the event. (Enter any decreases to account balances with a minus sign. Round your answers to nearest whole dollar.) Answer is not complete ULTRA DAY SPA Horizontal Statements Model Balance Sheet Income Statement Equity Ret. Assets Liab. Statement of Acct. Net vent Cash RevenueExpense Cash Flows 85,550x 85,550- NA | 82, 128 + | (85,550) 3,422 OA