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1. A business paid $5,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to

image text in transcribed 1. A business paid $5,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to 1. increase one asset, decrease another asset 2. increase an asset, increase a liability 3. decrease an asset, increase owner's equity 4. decrease an asset, decrease a liability

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