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. If an event increases one account and decreases another account equally within the same element (such as an asset exchange event), record I/D. If an event has no impact on the element, record NA.Increase = I Decrease = D Not Affected = NAWetzel Company sold merchandise to a customer for $950 on account. Wetzel's cost of the merchandise was $600. (Consider the effects of both parts of this event.)

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The Answer of 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. If an event increases one account and decreases another account equally within the same element (such as an asset exchange event), record I/D. If an event has no impact on the element, record NA.Increase = I Decrease = D Not Affected = NAWetzel Company sold merchandise to a customer for $950 on account. Wetzel's cost of the merchandise was $600. (Consider the effects of both parts of this event.)

Indicate How Each Event Affects the Elements of Financial Statements