Indicate How Each Event Affects the Horizontal Financial Statements Model

Essay

Indicate how each event affects the horizontal financial statements model. Use the following letters to record your answer in the box shown below. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. Use only one letter for each element. You do not need to enter amounts.
Increase = IDecrease = D No Affected = NA Taylor Bennett began his sole proprietorship on February 28, Year 1 by contributing $25,000 of his own money to the business. Indicate the effects of this transaction on the financial statements.