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.

-The Benitez Company purchased an asset for $50,000 on January 1,2016.The asset had a zero salvage value and an 8-year estimated useful life.On January 1,2018,the company spent $2,400 cash on routine repairs and maintenance.What effect will the 2018 expenditure have on the company's financial statements?

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.
 
-The Benitez Company purchased an asset for $50,000 on January 1,2016.The asset had a zero salvage value and an 8-year estimated useful life.On January 1,2018,the company spent $2,400 cash on routine repairs and maintenance.What effect will the 2018 expenditure have on the company's financial statements?

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.
 
-The Benitez Company purchased an asset for $50,000 on January 1,2016.The asset had a zero salvage value and an 8-year estimated useful life.On January 1,2018,the company spent $2,400 cash on routine repairs and maintenance.What effect will the 2018 expenditure have on the company's financial statements?

Indicate How Each Event Affects the Elements of Financial Statements