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.Enter only one letter for each element.You do not need to enter amounts.
-On September 1,2016,Diaz Company loaned $10,000 to Ace Company.Show the effect of this transaction on Diaz's financial statements.
Definitions:
Income Effect
The change in an individual's consumption resulting from a change in their real income, due to price changes or other factors.
Law of Demand
indicates the inverse relationship between the price of a good or service and the quantity demanded, with demand typically decreasing as prices increase, all else being constant.
Total Utility
The overall satisfaction or happiness received from consuming a certain amount of goods or services.
Reallocating Expenditures
The process of adjusting the distribution of spending across different areas or categories to better align with financial goals or constraints.
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