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.

-Gable Company collected a receivable due from a credit card transaction company;the credit card fee had previously been recognized when the sale was recorded.Show the effect of collection of the receivable on Gables financial statements.