1. If the business makes a payment on account, which of their accounts is being affected? Accounts Payable or Accounts Receivable, and is that account being increased or decreased with a DR or CR? Your answer should include 3 parts: 1. Account name, 2. Increased or Decreased, 3. DR or CR

2. What type of account, Asset, Liability, Owner's Equity, Revenue or Expense, is involved when an expense is paid but not yet incurred?