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 26

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. $\text { Increase }=\mathrm{I} \quad \text { Decrease }=\mathrm{D} \quad \text { No Effect }=\mathrm{N}$
George Co. collected $1,000 cash from accounts receivable. $\begin{array} {| l| l| l| l| l| l| l| }\text { Assets}&\text { Liabilities }&\text {Equity}&\text { Revenues}&\text { Expenses }&\text { Net Income }&\text { Cash }\\\hline &&&&&\end{array}$

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Definitions:

Generativity

Generativity is a concern for establishing and guiding the next generation, often manifested through parenting, work, and social involvement.

Virtue

A quality or trait deemed to be morally good and thus is valued as a foundation of good moral being.

Hope

A feeling of expectation and desire for a certain thing to happen.

Generativity

A concern for establishing and guiding the next generation, often seen as a stage in adult psychological development.