EXERCISE 3. ANALYZE THE EFFECTS OF EACH OF THE FOLLOWING TRANSACTIONS BY NAMING THE ACCOUNT: THE TYPE OF ACCOUNT, Assets (A), Liability (L), OWNER's EQUity (OE); AND WHETHER IT IS INCREASED OR DECREASED, AND BY WHAT AMOUNT. Example: Purchased land giving a note for $10,000 Analysis: Increase land, A, $10,000 Increase notes payable, L, $10,000 a) Paid rent of $600. b) Received $500 cash on account c) Sold land for $8,000, which was the cost. d) Owner withdrew $400 from business. e) Paid $250 cash on account. f) Purchased car for $15,000. Paid $2,000 cash balance on a note. g) Received $700 for services performed