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. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA.Increase = I Decrease = D Not Affected = NAOwen Company recognizes rent expense for the period from February 1, Year 1, to December 31, Year 1. Assume the company paid $24,000 cash to lease the office space for one year on February 1, Year 1. Only record the impact of recognizing rent expense at the end of Year 1.

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The Answer of 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. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA.Increase = I Decrease = D Not Affected = NAOwen Company recognizes rent expense for the period from February 1, Year 1, to December 31, Year 1. Assume the company paid $24,000 cash to lease the office space for one year on February 1, Year 1. Only record the impact of recognizing rent expense at the end of Year 1.

Indicate How Each Event Affects the Financial Statements Model