Question: Forest Beach Company experienced an event that had the following effects on its financial statements. Balance sheet Income Statement Statement of Cash Flows Assets =

Forest Beach Company experienced an event that had the following effects on its financial statements.

 

Balance sheet Income Statement Statement of
Cash Flows
Assets = Liab. + Equity Rev. − Exp. = Net Inc.
NA = NA + NA NA − NA = NA + IA

 

Which of the following events could have caused these effects?

 

Multiple Choice

  • Accrued interest revenue.

  • Loaned cash to an employee.

  • Collected cash for the principal balance of a note receivable.

  • Borrowed cash from a bank.

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