Complete the following tabulation, indicating the sign of the effect (+ for increase, − for decrease, and NE for no effect) of each transaction. Consider each item independently.
a. Recorded sales on account of $300 and related cost of goods sold of $200.
b. Recorded advertising expense of $10 incurred but not paid for.

Transcribed Image Text:

a. b. Transaction Current Assets Gross Profit Current Liabilities