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.
-Pearl Company sold merchandise to a customer for $800 cash in a state where the sales tax rate is 5%.(Ignore the effect of cost of goods sold. )
Definitions:
Regular Premium
Periodic payments made for an insurance policy.
No-fault Insurance
An auto insurance policy wherein insured individuals are compensated by their own insurer, regardless of fault, in the event of an accident.
Collision Deductible
The out-of-pocket expense that a policyholder must pay before an insurance company covers the cost of damage in a collision.
Annual Premium
The amount of money paid per year to keep an insurance policy active.
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