Indicate how each event affects the horizontal financial statements model. Use the following letters to record your answer in the box shown below. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. You do not need to enter amounts.Increase = IDecrease = DNot Affected = NAGulfshore Oil Company recognized $2,000,000 of depletion expense related to an oil reserve. How does this entry affect Gulfshore's financial statements?

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The Answer of Indicate how each event affects the horizontal financial statements model. Use the following letters to record your answer in the box shown below. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. You do not need to enter amounts.Increase = IDecrease = DNot Affected = NAGulfshore Oil Company recognized $2,000,000 of depletion expense related to an oil reserve. How does this entry affect Gulfshore's financial statements?

Indicate How Each Event Affects the Horizontal Financial Statements Model