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 35

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. $\begin{array}{lll}\text { Increase }=\mathrm{I} & \text { Decrease }=\mathrm{D} & \text { No Effect }=\mathrm{N}\end{array}$
Curtis Company received $250 from a customer for services to be performed at a future date. $\begin{array} {| l| l| l| l| l| l| l| }\text { Assets}&\text { Liabilities }&\text {Equity}&\text { Revenues}&\text { Expenses }&\text { Net Income }&\text { Cash }\\\hline &&&&&\end{array}$