Indicate how each event affects the horizontal financial statements model. 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 amounts.Increase = IDecrease = DNot Affected = NAGulfshore Oil Company recognized $2,000,000 of depletion expense related to an oil reserve. How does this entry affect Gulfshore's financial statements?
Definitions:
Outstanding
Refers to shares that are currently held by investors, including both public shareholders and restricted company shares.
Adjusted Bank Balance
The bank account balance after accounting for transactions like outstanding checks and deposits in transit.
Total Float
The amount of time that a project task can be delayed without causing a delay to subsequent tasks or the project completion date.
Cheques
Cheques are written orders to a bank to pay the specified amount from the drawer's account to the payee or their account.
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