Indicate How Each Event Affects the Elements of Financial Statements

question 1

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.Use only one letter for each element.You do not need to enter amounts.

-On January 1,2016,Ravenwood Company issued a long-term installment note.Show how the issuance of the note affected the financial statements.

---

Definitions:

Wedge Issues

Controversial issues used by political groups to divide members of opposing parties or factions, often to gain political advantage.

Divisive

Causing disagreement or hostility between people by having differing opinions.

Unpopular Issues

Topics or matters that lack general public support or interest, often due to being controversial or challenging societal norms.

Subsequent Policy Changes

Subsequent policy changes are modifications or adjustments made to policies after their initial implementation, often in response to new information, challenges, or outcomes.