Indicate how each event affects the 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 dollar amounts.
Increase = I Decrease = D Not Affected = NA
At Landau Company, the petty cash custodian used petty cash to pay for postage charges.
Definitions:
Authority
The legal power or right given to an individual or entity to act on behalf of another or make decisions within certain guidelines or scopes.
Specified Time
A clearly defined or established period within which something is supposed to happen or be completed.
Confidential
Information, documents, or communications that are intended to be kept secret or private, often due to their sensitive nature.
Unique Business Methods
Innovative strategies or approaches adopted by a business to create value, stand out in the marketplace, and achieve competitive advantage.
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