The grid below is a list of possible effects on the Income Statement and the Balance Sheet. The code is + = increase, - = decrease, NE = no effect

	Revenue/Gain	Expense/Loss	Net Income	Assets	Liability	Equity
a.	+5	NE	+5	+5	NE	+5
b.	+15	NE	+15	+15	NE	+15
c.	NE	+35	-35	-35	NE	-35
d.	NE	NE	NE	NE	NE	NE
e.	NE	+5	-5	-5	NE	-5

Match the effect that the transaction below has on a company's Income Statement and Balance Sheet. Choose (a) (b) (c) (d) or (e) from the grid above. For example, if the transaction is "Collected cash on accounts receivable", the correct answer is (d) because there is no effect on revenue, expense, net income, overall assets, liabilities, or equity.

Transaction: Sold an asset that cost $50 and had $40 accumulated depreciation associated with it for $15 cash.

a

b

c

d

e