Indicate How Each Event Affects the Elements of Financial Statements

question 76

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 dollar amounts.
Increase = I Decrease = D Not Affected = NA
Angstrom Company provided $2,600 of services for a customer who paid $1,000 cash immediately and promised to pay an additional $1,600 one month later.

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Definitions:

Electronic Sound

Audio signals generated, transmitted, or recorded by electronic devices.

Trade Name

A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under common law (and under trademark law if the business’s name is the same as its trademark).

Business's Name

The official, legally registered name under which a company operates and conducts its business.

Reputation

The public perception or opinion of an individual, company, or product based on past actions or achievements.