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. 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. You do not need to enter dollar amounts.
Increase = I Decrease = D Not Affected = NA
Pierce Company paid $40,000 cash to purchase land.
Definitions:
Firms
Businesses or organizations engaged in commercial, industrial, or professional activities.
Software
Software refers to a collection of data or computer instructions that tell the computer how to work. This is in contrast to physical hardware, from which the system is built and actually performs the work.
Instructions
Directions or commands that are given to a computer or program to perform specific operations or tasks.
Hardware
The physical components or parts of a computer system, such as the CPU, RAM, hard drives, and peripherals.
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