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. Transaction Asset effect Account affected or why assets are not affected a. Paid $400 cash on accounts payable. Decreased Cash b. Made a cash purchase of land for a building site for the business, $89,000. c. Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000). No effect d. Received $15,400 cash from customers on account. Increased Accounts Receivable e. Purchased medical equipment and signed a $90,000 promissory note in payment.