Indicate How Each Event Affects the Elements of Financial Statements

question 113

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.

-Banks Co.performed $5,000 of services for customers on account.

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Definitions:

Modus Ponens

A form of logical argument where a premise, if true, inevitably leads to a particular conclusion.

Modus Tollens

A logical argument form where if the consequent is not true, then the antecedent cannot be true; often formatted as "If P, then Q. Not Q, therefore not P."

Deductive Reasoning

A rational procedure where an outcome is derived from the agreement of several statements, which are widely accepted as true.

Deductive Validity

A property of some logical arguments such that it is impossible for the premises to be true and for the conclusion(s) to be false.