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.

\text { Increase } = \mathrm { I } \quad\text { Decrease } = \mathrm { D } \quad\text { No Effect } = \mathrm { N }

On November 1, 2014, Hardin Company accepted a credit card as payment for $2,000 of services rendered to one of its customers. Assume the credit card fee of 3% is recorded on the date of the sale. Show the effect of the sale and credit card fee on Ulmer's financial statements. $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. \text { Increase } = \mathrm { I } \quad\text { Decrease } = \mathrm { D } \quad\text { No Effect } = \mathrm { N } On November 1, 2014, Hardin Company accepted a credit card as payment for $2,000 of services rendered to one of its customers. Assume the credit card fee of 3% is recorded on the date of the sale. Show the effect of the sale and credit card fee on Ulmer's financial statements.$

Warnock Company Had $400,000 in Credit Sales for 2014, and It

True/False

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