Instructions

A$.$ Specify the impact that each of the following $10$ events would have on the fundamental accounting equation $($Assets $=$ Liabilities $+$ Equity$).$ Please assume the accrual method of accounting is used as required by GAAP. The first transaction has been completed for you as an example. Be sure to specify "Not Affected" or $"$N$/$A$"$ for each element of the accounting equation that is not impacted. If an element is affected and the overall total will remain the same, then specify "Unchanged" or $"$No Net Change."

B$.$ Prepare an Income Statement and Balance Sheet based on the transactions that occurred during the fiscal period:

$10.$ Greebes, Inc. receives a request from a customer to begin delivering $$20,000$ of inventory starting in April, $202.$