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
On November 1, Year 1, Gable Company accepted a credit card as payment for $1,500 of services rendered to one of its customers. The credit card company charges a 3% fee for handling the transaction. Show the effect of this transaction on Gable's 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
On November 1, Year 1, Gable Company accepted a credit card as payment for $1,500 of services rendered to one of its customers. The credit card company charges a 3% fee for handling the transaction. Show the effect of this transaction on Gable's financial statements.

Indicate How Each Event Affects the Financial Statements