Question: Question Content Area Land, originally purchased for $ 2 5 , 0 5 7 , is sold for $ 7 4 , 9 4 6

Question Content Area
Land, originally purchased for $25,057, is sold for $74,946 in cash. What is the effect of the sale on the accounting equation?
How does receiving a bill to be paid next month for services received affect the accounting equation?
If total assets decreased by $51,478 during a period of time and owner's equity increased by $28,114 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is

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