Peace River Enterprises, a business owned by Alan Sidhu, experienced the following events. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected.
a. Sidhu increased his cash investment in the business.
b. Paid cash on accounts payable.
c. Purchased office equipment; signed a note payable in payment.
d. Performed service for a customer on account.
e. Sidhu withdrew cash for personal expenses.
f. Received cash from a customer on account receivable.
g. Sidhu used personal funds to purchase a swimming pool for his home.
h. Sold undesirable land for a price equal to the cost of the land; received cash.
i. Borrowed money from the bank.
j. Cash purchase of desirable land for a future building site.