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 115

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. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$
On January 1, 2014, Spencer Corporation signed a contract with the Mid-Rivers Bank for a line of credit that permitted Spencer to borrow up to $50,000. Indicate the effects of signing this contract. $\begin{array}{|l|l|l|l|l|l|}\text { Assets Liabilities } & \text { Equity } & \text { Revenues } & \text { Expenses } & \begin{array}{c}\text { Net } \\\text { Income }\end{array} & \begin{array}{c}\text { Cash } \\\text { Flow }\end{array}\\\hline&&&\end{array}$

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Definitions:

Angiosperm

Flowering plants that produce seeds enclosed within a fruit, the largest and most diverse group in the plant kingdom.

Anther

Of a flower, part of the stamen that produces pollen grains.

Filament

A slender, thread-like structure, often part of a larger structure in both biological organisms and man-made materials.

Apical Meristems

Regions located at the tips of roots and shoots in plants, responsible for primary growth and elongation.