(Learning Objective 1: Analyzing transactions) The following selected events were experienced by either Solution Seekers, Inc., a corporation, or Paul Flynn, the major shareholder. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specifi c asset affected.

a. Received $9,200 cash from customers on account.

b. Flynn used personal funds to purchase a swimming pool for his home.

c. Sold land and received cash of $65,000 (the land was carried on the company’s books at $65,000).

d. Borrowed $60,000 from the bank.

e. Made cash purchase of land for a building site, $90,000.

f. Received $25,000 cash and issued shares to a shareholder.

g. Paid $70,000 cash on accounts payable.

h. Purchased equipment and signed a $101,000 promissory note in payment.

i. Purchased merchandise inventory on account for $17,000.

j. The business paid Flynn a cash dividend of $5,000.