Indicate how each event affects the elements of financial statements (1. assets 2. Liabilities 3. Equity 4. Revenues 5. Expenses 6. Net income 7. Cash flow). use the following letters to record your answer in the box shown below each element. you do not need to enter amounts.
Increase = I Decrease = D No Effect = N
In performing the bank reconciliation for bounds company, a company employee found that the bank had collected one of the company's notes receivable in the amount of $2000 and had deposited this amount in the company's account at the bank. This amount did not include interest.