Indicate how each event affects the financial statements model. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts.Increase = IDecrease = DNot Affected = NA(Note that "Not Affected" means that the event does not affect that element of the financial statements or that the event causes an increase in that element, which is offset by a decrease in that same element.)Cason Company recorded $2,000 of depreciation expense on a delivery van.AssetsLiabilitiesEquityRevenueExpensesNet IncomeStmt of Cash Flows???????
What will be an ideal response?
(D) (NA) (D) (NA) (I) (D) (NA)
Recording depreciation expense decreases assets (increases the contra-asset accumulated depreciation) and decreases equity (depreciation expense decreases retained earnings). It increases expenses and decreases net income. It does not affect cash flows.
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What will be an ideal response?
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Fill in the blank(s) with the appropriate word(s).