Indicate How Each Event Affects the Elements of Financial Statements $\text { Increase }=I \quad \text { Decrease }=D \quad \text { No Effect }=N$

Short Answer

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. $\text { Increase }=I \quad \text { Decrease }=D \quad \text { No Effect }=N$
Ferguson Co. issued common stock for $50,000 cash. $\begin{array} { l }\begin{array}{|l|l|l|l|l|l|l|}\text { Assets }&\text {Liabilities}&\text { Equity }&\text {Revenues }&\text {Expenses }&\text { Net Income }&\text { Cash }\\\hline & & & & & & \\\hline\end{array}\end{array}$