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 2

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. $$\text { Increase } = \mathrm { I } \quad\text { Decrease } = \mathrm { D } \quad\text { No Effect } = \mathrm { N }$$
Green Bay Corporation used the allowance method to account for uncollectible accounts expense. On June 20, 2014, Green Bay wrote off an uncollectible account in the amount of $3,000. On September 1, 2014, the account was collected. How would the appropriate entries on September 1 affect the financial statements?

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Definitions:

Erosion Prevention

Methods and practices aimed at stopping soil erosion to protect land and water resources, often involving vegetation or structural solutions.

Strong Property Rights

The legal protection and enforcement of individuals' rights to own, use, and transfer property, considered essential for economic development and innovation.

Low Birthrates

The situation in which the number of live births per 1,000 people in a population is lower than usual, indicating a decline in fertility.

Potential Soldiers

Individuals who are eligible and might be considered for military service in the event of a need or draft.