Question: The following selected events were experienced by either Knox Eldercare Services, Inc., a corporation, or Steve Knox, the major stockholder. LOADING... (Clickthe icon to view

The following selected events were experienced by either Knox Eldercare Services, Inc., a corporation, or Steve Knox, the major stockholder.

(Clickthe icon to view the transactions.)

Requirement

1.	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.

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. If no effect, indicate the reason.

a.	Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000). Reasons: Cash Equipment Accounts Receivable Asset Account Offset Inventory Notepayable Personal Transaction Hint: The answers are not Inventory or Cash

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