Indicate How Each Event Affects the Elements of Financial Statements $\begin{array}{lll}\text { Increase }=\mathrm{I} & \text { Decrease }=\mathrm{D} & \text { No Effect }=\mathrm{N}\end{array}$

question 53

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. $\begin{array}{lll}\text { Increase }=\mathrm{I} & \text { Decrease }=\mathrm{D} & \text { No Effect }=\mathrm{N}\end{array}$
At the end of the accounting period, Stewart Co. recognized accrued salaries. $\begin{array} {| l| l| l| l| l| l| l| }\text { Assets}&\text { Liabilities }&\text {Equity}&\text { Revenues}&\text { Expenses }&\text { Net Income }&\text { Cash }\\\hline &&&&&\end{array}$

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Definitions:

Motivates

Provides a reason or incentive for someone to perform an action or behave in a certain way.

Servant Leaders

Leaders who prioritize the needs of their team or organization over their own, focusing on the growth and well-being of their communities.

Employees

Individuals hired by a business or organization to perform specific duties in exchange for compensation.

Community

A group of people living in the same place or having a particular characteristic in common.