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. You do not need to enter dollar amounts. 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.Increase = IDecrease = DNot Affected = NA
Nguyen Company borrowed $50,000 cash from Metropolitan Bank.

Question

Quizplus · Accepted Answer

The Answer of 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. You do not need to enter dollar amounts. 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.Increase = IDecrease = DNot Affected = NA
Nguyen Company borrowed $50,000 cash from Metropolitan Bank.

Indicate How Each Event Affects the Elements of Financial Statements