Indicate How Each Event Affects the Elements of Financial Statements

question 45

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

-Gilliam Co.repaid a note payable on September 30,2016.The 8-month note had been issued on February 1,2016.The $20,800 cash payment included a $20,000 repayment of principal and an $800 payment for interest.

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Definitions:

Increased Fatigue

A condition of heightened exhaustion resulting from intense physical or mental activity.

Family Adjustment

The process through which families adapt to changes, stressors, or transitions, maintaining or restoring balance and functioning in the face of new circumstances.

Compressed Workweek

An employment schedule that allows a full-time job to be completed in fewer days than the traditional five-day workweek.

Standard Five Days

Typically refers to the conventional workweek structure, Monday through Friday, that is observed by many organizations and businesses.