Indicate How Each Event Affects the Elements of Financial Statements

question 43

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.

-Bell Co.provided consulting services for $20,000 cash.

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Definitions:

North to South

Describes a direction or orientation from the northern point towards the southern point on a map or geographical area.

Oceanic Crust

The part of the Earth's crust that underlies the ocean basins, composed primarily of basalt and gabbro, and is denser than continental crust.

Reversed Magnetic Polarity

A condition where the magnetic north and south poles swap positions, a phenomenon observed in the Earth's geological history.

Compass Needle

The magnetized pointer on a compass that aligns itself with the Earth's magnetic field to indicate the direction of magnetic north.