Indicate How Each Event Affects the Elements of Financial Statements

Essay

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 = NAA customer returned goods to Wetzel Company that had been purchased for $60 on account. The goods had originally cost Wetzel $35. Wetzel credited the customer's account for the return. (Consider the effects of both parts of this event.)