Indicate How Each Event Affects the Elements of Financial Statements

question 32

Essay

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, an employee discovered an error. A $654 cash receipt for the collection of an account receivable was recorded in the company's books as $645. The deposit slip was correct, and the bank deposit had been correctly prepared. The error appeared only in the company's accounting records.

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Definitions:

Religion

A set of beliefs concerning the cause, nature, and purpose of the universe, especially when considered as the creation of a superhuman agency or agencies, usually involving devotional and ritual observances.

Gay Identity

The personal and social identity of an individual who recognizes themselves as being attracted to members of the same sex.

Sensitization

The process of becoming acutely sensitive to specific stimuli or environments, usually through repeated exposure.

Dissociation

A psychological condition in which there is a disconnection or lack of continuity between thoughts, memories, surroundings, actions, and identity.