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 discovered that a recent shipment of merchandise it had purchased was not of the same quality it had expected. The supplier agreed to grant Wetzel an allowance of $250. Wetzel had not yet paid the amount owed on the shipment to the supplier.

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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 discovered that a recent shipment of merchandise it had purchased was not of the same quality it had expected. The supplier agreed to grant Wetzel an allowance of $250. Wetzel had not yet paid the amount owed on the shipment to the supplier.

Indicate How Each Event Affects the Elements of Financial Statements