Effects of transactions on elements of the accounting equation
Some of the transactions carried out by Tudor Wholesale during the first month of the company's operations are listed below.You are to determine the effect of each transaction on the total assets,the total liabilities,and the owners' equity.Prepare your answer in columnar form,identifying each transaction by letter and using the symbols (+)for increase,(-)for decrease,and (NC)for no change.An answer is provided for the first transaction to serve as an example. 
Definitions:
CVP Graph
A visual representation of the Cost-Volume-Profit analysis that shows the relationship between total costs, sales volume, and profit.
Profit and Loss
The profit and loss statement is a financial report that summarizes revenues, costs, and expenses incurred during a specific period, usually a fiscal quarter or year.
CVP Chart
A graphical representation used in Cost-Volume-Profit analysis to show the effects of different levels of volume and cost on operating profits.
Cost-Volume-Profit Data
Information that shows how changes in cost and volume affect a company's profit, used for making short-term economic decisions.
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