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.Use only one letter for each element.You do not need to enter amounts.

-Jim Caldwell and Pam Ennis,both CPAs,began their new partnership by each contributing $50,000 to their business.Indicate the effects of this transaction on the financial statements.