Indicate how each event affects the elements of financial statements. Use the following letters to r

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 I Decrease D Not Affected= NA 1) Walker Co. issued common stock for $150,000 cash. Stmt of Cash Flows Liabilities Equity MA Assets Revenues Expenses Net Income NA 2) Nguyen Co. borrowed $50,000 cash from Metropolitan Bank. Stmt of Cash Flows Liabilities Equity NA Assets Revenues Expenses Net Income -) Bell Co. provided consulting services for $20,000 cash. Stmt of Cash Flows Revenues Expenses Net Income Liabilities Equity JA LAIA ssets Pierce Co. paid $40,000 cash to purchase land. Stmt of Flows Revenues Expenses Net Income Liabilities Equity ssets NA LNA Perez Co. paid $220,000 cash for salaries expense. Stmt Revenues Expenses Net Income Flow Liabilities Equity JA sets ito owners

 

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