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 January 1, Year 1, Flagler Corporation signed a contract with the City Bank for a line of credit that permitted Flagler to borrow up to $50,000.
Definitions:
Average Collection Period
The average amount of time it takes for a company to receive payments owed by its customers.
Net Accounts Receivable
The total amount of money owed by customers for purchases made on credit, minus any provision for doubtful accounts.
Sales Returns
Transactions where customers return previously purchased merchandise, resulting in a refund or credit.
Bad Debt Expense
An expense recorded to account for receivables that are not expected to be collected, reflecting credit losses in the financial statements.
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