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.
$$\begin{array} { | l | l | } \hline \text { Event } & \text { 1. Retained earnings:INC, DEC, NE } \\& \text { 2. Which equity account is affected? } \\\hline \text { Owner contributions to a corporation } & \\\hline \text { Amounts earned from delivering goods } & \\\text { or services to customers } & \\\hline \begin{array} { l } \text { Cash paid to acquire land for use in the } \\\text { business }\end{array} & \\\hline\end{array}$$

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Definitions:

Retainer Fee

An upfront cost paid to secure the services of a consultant, freelancer, lawyer, or other professional for a specified period of time.

Barter

A system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money.

Attorney Fees

The charges that clients pay for legal services provided by lawyers or law firms, which can vary based on the complexity of a case, the reputation of the attorney, or the billing method employed.

Smart TV

A television set with integrated internet and interactive "Web 2.0" features allowing users to stream music and videos, browse the internet, and view photos.