For Each of the Following Events:
(1) State Whether the Event

question 47

Essay

For each of the following events:
(1) State whether the event increases (INC) or decreases (DEC) retained earnings. If the event does not affect retained earnings, state NE for no effect.
(2) State which equity account is affected.
$$\begin{array} { | l | l | } \hline \text { Event } & \text { 1. Retained earnings:INC, DEC, NE } \\& \text { 2. Which equity account is affected? } \\\hline \text { Owner contributions to a corporation } & \\\hline \text { Amounts earned from delivering goods } & \\\text { or services to customers } & \\\hline \begin{array} { l } \text { Cash paid to acquire land for use in the } \\\text { business }\end{array} & \\\hline\end{array}$$