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Paragraph Styles Indicate how each event affects the elements of financial statements. Use the following...

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Accounting

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Paragraph Styles 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 dollar amounts. (Note that "Not Affected" means that the event does not affect that element of the financial statements or the event causes an increase in that element that is offset by a decrease in the same element.) Increase= Decrease Not Affected - NA 4) On December 31, Year 1, Sparkes Co. estimated it had $12,000 of uncollectible accounts related to credit sales it made during the year. Sparkes, which uses the allowance method, made the necessary adjustment to record this estimate. Staat of Cash Liabilities Stk. Equity Revenues Expenses Net Income Flows 5) Sparkes Company uses the allowance method. On March 31, Year 1, Sparkes wrote-off an account receivable of one of its customers. Assets Stunt of Cash Liabilities Stk. Equity Revenues Expenses Net Income Flows 6) Garrison Company recognized $4,000 of service revenue earned on account. Stmt of Cash Liabilities Stk. Equity Revenues Expenses Net Income Flows Assets 71 In preparing the bank reconciliation for Heath Company, an employee found that the bank

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