Question: Determining the Effects of Transactions on Balance Sheet and Income Statement Categories Complete the following tabulation, indicating the sign of the effect (+ for increase,

Determining the Effects of Transactions on Balance Sheet and Income Statement Categories
Complete the following tabulation, indicating the sign of the effect (+ for increase, ˆ’ for decrease, and NE for no effect) of each transaction. Consider each item independently.
a. Recorded sales on account of $120 and related cost of goods sold of $80.
b. Recorded advertising expense of $10 incurred but not paidfor.

Transaction Current Assets Gross Profit Current Liabilities (a) (b)

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