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.

-On December 31,2016,Bates Co.paid $60,000 to the Municipal Bank to pay off the face value of a discount note that Bates had issued a year before.Show the effects of the payment and recognition of 2016 interest on the note.

Question

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.
 
-On December 31,2016,Bates Co.paid $60,000 to the Municipal Bank to pay off the face value of a discount note that Bates had issued a year before.Show the effects of the payment and recognition of 2016 interest on the note.

Quizplus · Accepted Answer

The Answer of 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.
 
-On December 31,2016,Bates Co.paid $60,000 to the Municipal Bank to pay off the face value of a discount note that Bates had issued a year before.Show the effects of the payment and recognition of 2016 interest on the note.

Indicate How Each Event Affects the Elements of Financial Statements