A number of transactions of Claypool Construction are described as follows in terms of accounts debited and credited.

Debit Wages Expense; credit Wages Payable.

Debit Accounts Receivable; credit Construction Revenue.

Debit Dividends; credit Cash.

Debit Office Supplies; credit Accounts Payable.

Debit Repairs Expense; credit Cash.

Debit Cash; credit Accounts Receivable.

Debit Tools and Equipment; credit Cash and Notes Payable.

Debit Accounts Payable; credit Cash.

Indicate the effects of each transaction upon the elements of the income statement and the balance sheet. Select I for increase, D for decrease, and NE for no effect in the column headings below to show the effects of the above transactions. The answer for transaction $1$ is provided as an example.

Income Statement

Transaction Revenue $-$ Expenses $=$ Net

$1$

NE

I

Income

D

Balance Sheet

Assets $=$ Liabilities $+$ Owners'

Equity

NE

I

D