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.Use only one letter for each element.You do not need to enter amounts.

-On January 1,2016,Flagler Corporation signed a contract with the City Bank for a line of credit that permitted Flagler to borrow up to $50,000.Indicate the effects of signing this contract.

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.Use only one letter for each element.You do not need to enter amounts.
 
-On January 1,2016,Flagler Corporation signed a contract with the City Bank for a line of credit that permitted Flagler to borrow up to $50,000.Indicate the effects of signing this contract.

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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.Use only one letter for each element.You do not need to enter amounts.
 
-On January 1,2016,Flagler Corporation signed a contract with the City Bank for a line of credit that permitted Flagler to borrow up to $50,000.Indicate the effects of signing this contract.

Indicate How Each Event Affects the Elements of Financial Statements