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 = NAOn September 1, Year 1, Diaz Company loaned $10,000 to Ace company. Show the effect of this transaction on Diaz's financial statements.
Definitions:
Net Assets
The total assets of an organization minus its total liabilities, representing the owners' or shareholders' equity.
Credit Balance
A situation where the amount of credits in an account exceeds the debits, often indicating money owed by the institution to the account holder.
Long-Term Liabilities
Debts or obligations a company owes that are due beyond one year's time, such as bonds payable, long-term leases, or pension obligations.
Common Stock
A type of equity security that represents ownership in a corporation, with holders typically having a vote in corporate matters.
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