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:
Productivity Software
A category of application software that provides users with tools to produce work, such as word processors, spreadsheets, and presentation software.
System Backup
The process of creating a copy of data on a system to prevent loss of information.
Installation Option
Choices provided to a user during the installation process of software or an operating system, allowing customization of the setup.
Query Software
Software designed to retrieve information from databases through the use of specific requests or commands.
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