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 = NAAfter a physical count of its inventory, Wetzel Company discovered that $400 of inventory is missing. Show how the adjustment for inventory shrinkage would affect Wetzel Company's statements.

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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 = NAAfter a physical count of its inventory, Wetzel Company discovered that $400 of inventory is missing. Show how the adjustment for inventory shrinkage would affect Wetzel Company's statements.

Indicate How Each Event Affects the Elements of Financial Statements