Indicate How Each Event Affects the Elements of Financial Statements

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.Enter only one letter for each element.You do not need to enter amounts.

-On November 1,2016,Gable Company accepted a credit card as payment for $1,500 of services rendered to one of its customers.Assume the credit card fee of 3% is recorded on the date of the sale.Show the effect of this transaction on Gable's financial statements.