The following selected events were experienced by either Knox Eldercare Services, Inc., a corporation, or Steve Knox, the major stockholder. 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. Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000).
b. Received $15,400 cash from customers on account.
c. Made cash purchase of land for a building site for the business, $89,000.
d. Borrowed $62,000 from the bank for use in the business.
e. Knox used personal funds to purchase a flat-screen TV for his home.
f. Purchased medical equipment and signed a $90,000 promissory note in payment.
g. Purchased office supplies on account for $ 1,200.
h. Received $12,000 cash and issued stock to a stockholder.
i. Paid $400 cash on accounts payable.
j. The business paid Knox a cash dividend of $4,000.