Effect of debt transactions on financial statementsRequiredShow the effect of each of the...
Effect of debt transactions on financial statements
Required
Show the effect of each of the following independent accounting events on the financial statements using a horizontal statements model like the following one. Use 1 for increase, — for decrease, and NA for not affected. The first event is recorded as an example.
a.Borrowed funds using a line of credit.
b. Made an interest payment for funds that had been borrowed against a line of credit.
c. Issued a bond at face value.
d. Made an interest payment on a bond that had been issued at face value.
e. Made a cash payment on a note payable for both interest and principal.
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