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. 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. Enter only one letter for each element.Increase = I Decrease = D Not Affected = NAIn preparing the bank reconciliation for Heath Company, a company employee found that the bank statement included an NSF check that the company had received from a customer paying its account at Heath Company.
Definitions:
Offeror
The person or entity that presents a proposal or bid in a contract negotiation, awaiting acceptance or rejection by the offeree.
Objective Standard
A legal principle that evaluates the actions of individuals based on what a reasonable person would do under similar circumstances.
Contract
A legally enforceable agreement between two or more parties where each agrees to fulfill certain obligations in exchange for benefits or considerations.
Court
A governmental institution where legal disputes are resolved by judges or a jury, and laws are interpreted and applied.
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