Use the following to answer questions
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.
-In preparing the bank reconciliation for Heath Company,a company employee found that the bank statement included an NFS check that the company had received from a customer paying its account at Heath Company.
Definitions:
Receivable
Amounts owed to a company by its customers or debtors for goods or services delivered that have not yet been paid.
Pooling of Interests Transaction
A method used in accounting for business mergers in which the assets and liabilities of the merging companies are combined using their book values.
Book Value
The net value of a company's assets minus its liabilities, representing the equity value of the company from an accounting perspective.
Fair Value
The price at which an asset could be bought or sold or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
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