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.

-Gulfshore Oil Company recognized $2,000,000 of depletion expense related to an oil reserve.How does this entry affect Gulfshore'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.
 
-Gulfshore Oil Company recognized $2,000,000 of depletion expense related to an oil reserve.How does this entry affect Gulfshore'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.
 
-Gulfshore Oil Company recognized $2,000,000 of depletion expense related to an oil reserve.How does this entry affect Gulfshore's financial statements?

Indicate How Each Event Affects the Elements of Financial Statements