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

question 79

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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.  Increase =I Decrease =D No Effect =N\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }
Youkilis Company paid $2,000 of selling expenses with cash. Show how the transaction would affect Youkilis's financial statements.  Assets Liabilities Equity Revenues Expenses  Net Income  Cash \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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