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. Increase = I Decrease = D No Effect = NA (Note that "No Effect" means that the event does not effect that element of the financial statements or that the event causes an increase in that element is offset by a decrease in that same element.)A transaction recorded as a debit to Office Supplies and a credit to Accounts Payable.Assets Liabilities Stk. Equity Revenues Expenses Net Income Stmt of Cash Flows???????
What will be an ideal response?
(I) (I) (NA) (NA) (NA) (NA) (NA)
Debits increase asset accounts, such as office supplies, and credits increase liability accounts, such as accounts payable.
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Ideally, assembly lines are?
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