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 amounts.Assume that Frank Company uses a perpetual inventory system.

-Whetzel Co.paid $40 of freight cost to have merchandise shipped to one of its customers under terms FOB destination.

Question

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 amounts.Assume that Frank Company uses a perpetual inventory system.
 
-Whetzel Co.paid $40 of freight cost to have merchandise shipped to one of its customers under terms FOB destination.

Quizplus · Accepted Answer

The Answer is (D)(N)(D)(N)(I)(D)(D)

Indicate How Each Event Affects the Elements of Financial Statements