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. Assume use of a perpetual inventory system. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$
Ransom Co. purchased $10,000 of merchandise inventory on account from a supplier. Show how the transaction would affect Ransom's financial statements. $\begin{array} {| l| l| l| l| l| l| l| }
\text { Assets}&\text { Liabilities }&\text {Equity}&\text { Revenues}&\text { Expenses }&\text { Net Income }&\text { Cash }\\hline &&&&&
\end{array}$

Question

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. Assume use of a perpetual inventory system. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$ 
Ransom Co. purchased $10,000 of merchandise inventory on account from a supplier. Show how the transaction would affect Ransom's financial statements. $\begin{array} {| l| l| l| l| l| l| l|  }
\text { Assets}&\text { Liabilities }&\text {Equity}&\text { Revenues}&\text { Expenses }&\text { Net Income }&\text { Cash }\\hline &&&&&
\end{array}$

Quizplus · Accepted Answer

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 amounts. Assume use of a perpetual inventory system. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$ 
Ransom Co. purchased $10,000 of merchandise inventory on account from a supplier. Show how the transaction would affect Ransom's financial statements. $\begin{array} {| l| l| l| l| l| l| l|  }
\text { Assets}&\text { Liabilities }&\text {Equity}&\text { Revenues}&\text { Expenses }&\text { Net Income }&\text { Cash }\\hline &&&&&
\end{array}$

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 } Increase =I Decrease =D No Effect =N

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