indicate how each transaction affects the seven elements below that are part of the financial statements. use the following letters to record your answers in the box below each element. you do not need to enter amounts. each of the 7 items below should have one of the three letters below

INCREASE=I DECREASE=D NO EFFECT=N

abc company received $5,000 cash in from one of its customers for services that it will provide to the customer next year

1.assets 2.liabilities 3.equity 4.revenues 5.expenses 6.net income 7.cash

abc company paid $30,000 cash in salaries to its employees for the month

1.assets 2.liabilities 3.equity 4.revenues 5.expenses 6.net income 7.cash