Indicate How Each Event Affects the Financial Statements

question 35

Essay

Indicate how each event affects the financial statements. Use the following letters to record your answer in the box shown below. 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 amounts.
Increase = I Decrease = DNot Affected = NA
A transaction recorded as a debit to Land and a credit to Cash.

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Definitions:

Solution

Solution is a means of solving a problem or dealing with a difficult situation.

Capture Errors

Describes mistakes that occur when a routine action is inadvertently captured by a stronger habit and proceeds automatically in the wrong direction.

A-not-B Error

A cognitive error observed in infants, where they search for an object at its initial hiding place (A) even after seeing it moved to a new location (B).

Motor Perseveration

The repetitive and continuous movement or action that an individual keeps doing in the same way despite the absence of a reason or the ability to adapt to new situations.