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, record I/D. If an event has no impact on the element, record NA.
Increase = IDecrease = DNot Affected = NA
Pierce Company paid $40,000 cash to purchase land.