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 30

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. Assume use of a perpetual inventory system. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$
Youkilis Co. paid $800 cash for freight charges to obtain merchandise inventory from a supplier. Show how the transaction would affect Youkilis's financial statements. $\begin{array} {| l| l| l| l| l| l| l| }\text { Assets}&\text { Liabilities }&\text {Equity}&\text { Revenues}&\text { Expenses }&\text { Net Income }&\text { Cash }\\\hline &&&&&\end{array}$

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Definitions:

Biotic Potential

The maximum reproductive capacity of an organism under optimum environmental conditions.

Survivorship Curve

A graphical representation that shows the proportion or number of individuals surviving at each age for a given species or group.

Type II

Often associated with diabetes, referring to a condition characterized by insulin resistance and often requiring alternative methods of insulin introduction to maintain blood sugar levels.

Reproductive Years

The period in a human's life, typically from puberty to menopause, during which they are biologically capable of producing offspring.