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
Landau Company replenished its petty cash fund. The expenditures of the fund included postage, office supplies, and other miscellaneous items. Indicate the effects of recognizing the expenditures on financial statements and the replenishment of the petty cash fund.
Definitions:
Mediation
Intervention in a dispute in order to resolve it.
FICA
refers to the Federal Insurance Contributions Act tax, a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, the disabled, and children of deceased workers.
Unemployment
A situation where an individual who is actively searching for employment is unable to find work.
FUTA
The Federal Unemployment Tax Act, a United States federal law that funds state workforce agencies and unemployment insurance for workers who have lost their jobs.
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