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. You do not need to enter dollar amounts. If an event increases one account and decreases another account equally within the same element (such as an asset exchange event), record I/D. If an event has no impact on the element, record NA.Increase = I Decrease = D Not Affected = NAWetzel Company paid $100 cash to a freight company for delivering inventory that Wetzel had purchased from Jacobs Company with freight terms FOB shipping point.
Definitions:
Repudiate
The rejection or refusal to acknowledge or pay a debt, or the denial of the validity of a contract.
Credit-Reporting Agencies
Organizations that collect, maintain, and provide information about the credit history of individuals and businesses to potential creditors.
Debtors
Individuals or entities that owe money to others.
Contract Voided
Refers to a contract that has been declared invalid and is therefore unenforceable, as if it had never been made.
Q32: Stanley Company earns $8,000 of revenue on
Q44: Indicate how each event affects the elements
Q46: Indicate how each event affects the elements
Q47: Peterson Company's petty cash fund was established
Q53: Duke Company's unadjusted bank balance at March
Q91: Singleton Company's perpetual inventory records included the
Q97: Classify each of the following transactions for
Q116: Kona Espresso Machine Company makes many of
Q118: Delta Company experienced an accounting event that
Q131: When are expenses recognized under accrual accounting