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.

-A customer returned goods to Whetzel Co.that had been purchased for $60 on account.The goods had originally cost Whetzel $35.Frank credited the customer's account for the return.

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.
 
-A customer returned goods to Whetzel Co.that had been purchased for $60 on account.The goods had originally cost Whetzel $35.Frank credited the customer's account for the return.

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 amounts.Assume that Frank Company uses a perpetual inventory system.
 
-A customer returned goods to Whetzel Co.that had been purchased for $60 on account.The goods had originally cost Whetzel $35.Frank credited the customer's account for the return.

Indicate How Each Event Affects the Elements of Financial Statements