D Question 1 2 pts For Questions 1, 2 and 3, indicate how each event affects the elements of financial statements. Use the letters shown below to record your answer in the dropdown boxes. You do not need to enter amounts. Every box requires either an I, a D. or an N. If an event is characterized by an increase and a Decrease, present the NET impact as your response. Increase 1 Decrease =D No Effect - N 1. Wilson Co. sold merchandise to a customer for $1,500 on account during the current period. Wilson's cost of the merchandise was $1,250 (purchased and paid for in a prior period). Identify the impact of this sales transaction and associated entries on Wilson's financial statement elements in the table below (amounts not required): Assets Select ho Liabilities Select) Equity I Sclect) Revenue Select 1 Expense Solect) Net Income [Select) Cash Select