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
Gable Company collected a receivable due from a credit card company; the credit card fee had previously been recognized when the sale was recorded. Show the effect of the collection of the receivable 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
Gable Company collected a receivable due from a credit card company; the credit card fee had previously been recognized when the sale was recorded. Show the effect of the collection of the receivable on Gable's financial statements.

Indicate How Each Event Affects the Financial Statements