Indicate how each event affects the financial statements. 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 dollar amounts.
Increase = I Decrease = D Not Affected = NA
Furs Company uses the allowance method. On June 20, Furs wrote off an uncollectible account in the amount of $2,000. On September 1, the company collected the receivable that it had previously written off. How would reinstating the receivable (not the collection)affect the financial statements?

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The Answer of Indicate how each event affects the financial statements. 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 dollar amounts.
Increase = I Decrease = D Not Affected = NA
Furs Company uses the allowance method. On June 20, Furs wrote off an uncollectible account in the amount of $2,000. On September 1, the company collected the receivable that it had previously written off. How would reinstating the receivable (not the collection)affect the financial statements?

Indicate How Each Event Affects the Financial Statements