Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.Enter only one letter for each element.You do not need to enter amounts.

-On September 1,2016,Ruiz Company loaned $10,000 to Alpha Company.Show the effect of the December 31,2016 adjusting entry to accrue interest on Ruiz's financial statements.

Question

Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.Enter only one letter for each element.You do not need to enter amounts.
 
-On September 1,2016,Ruiz Company loaned $10,000 to Alpha Company.Show the effect of the December 31,2016 adjusting entry to accrue interest on Ruiz's financial statements.

Quizplus · Accepted Answer

The Answer is (I)(N)(I)(I)(N)(I)(N)

Indicate How Each Event Affects the Elements of Financial Statements