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 34

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. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$
On May 1, Houston Co. sold goods to a customer on account. On May 9, before payment had been received from the customer, the customer returned some of the goods. The returned goods cost Houston $1,000, and the customer had been charged $1,500. Show the effects of the return of goods on Houston'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:

PERT Network

A project management tool used to schedule, organize, and coordinate tasks within a project, emphasizing the analysis of task sequences and durations.

Measurable Objectives

Specific, quantifiable, achievable goals set to evaluate the success of a project, employee performance, or organizational outcomes.

Effective Project Managers

Individuals who successfully plan, execute, and close projects, meeting or exceeding stakeholders' expectations through skilled leadership and problem-solving.

Time Element

A factor considering the duration or specific period within which certain activities or processes are expected to occur or be completed.