Indicate how each event affects the financial statements. Use the following letters to record your answer in the box shown below. 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 = NAOn December 31, Year 1, Ravenwood Company made an annual payment on a long-term installment note payable.
Definitions:
Matching Principle
An accounting principle that dictates expenses should be matched with the revenues they help to generate within the same period.
Generating Revenue
The process by which a company earns income through its business activities, such as selling goods or services.
Ship Building
The construction and design of ships and other floating vessels, a specialized industry that requires engineering and manufacturing skills.
Multiple-Stage Processes
Processes in manufacturing or production that involve several distinct stages, each contributing to the completion of the final product.
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