Indicate How Each Event Affects the Elements of Financial Statements $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$

question 8

Short Answer

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. You do not need to enter amounts. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$
Susan Englert began her sole proprietorship on January 7, 2014 by contributing $10,000 cash to the business. Indicate the effects of this transaction on the business's financial statements. $\begin{array}{|l|l|l|l|l|l|}\text { Assets Liabilities } & \text { Equity } & \text { Revenues } & \text { Expenses } & \begin{array}{c}\text { Net } \\\text { Income }\end{array} & \begin{array}{c}\text { Cash } \\\text { Flow }\end{array}\\\hline&&&\end{array}$

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Definitions:

Spring

A season of the year that follows winter and precedes summer, characterized by rising temperatures, melting snow, and budding vegetation.

Socialism With A Human Face

A political slogan associated with the Prague Spring of 1968 in Czechoslovakia, advocating for a reformed socialism combining economic planning with personal freedoms and democratic governance.

Thawed Relations

The process of improvement or warming in relations between countries or groups that previously experienced tension or hostility.

West German Chancellor

The head of government for West Germany, a position held from the establishment of the Federal Republic of Germany in 1949 until the reunification in 1990.