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Indicate How Each Event Affects the Elements of Financial Statements  Increase =I Decrease =D No Effect =N\text { Increase }=\mathrm{I} \quad \text { Decrease }=\mathrm{D} \quad \text { No Effect }=\mathrm{N}

Question 26

Short Answer

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 amounts.  Increase =I Decrease =D No Effect =N\text { Increase }=\mathrm{I} \quad \text { Decrease }=\mathrm{D} \quad \text { No Effect }=\mathrm{N}
George Co. collected $1,000 cash from accounts receivable.  Assets Liabilities Equity Revenues Expenses  Net Income  Cash \begin{array} {| l| l| l| l| l| l| l| }\text { Assets}&\text { Liabilities }&\text {Equity}&\text { Revenues}&\text { Expenses }&\text { Net Income }&\text { Cash }\\\hline &&&&&\end{array}

Correct Answer:

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(N) (N) (N) (N) (N) (N) (I)
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