16 Which of the following statements is characteristic of accounts payable? O Accounts payable always require the payment of interest. Accounts payable arise when a business purchases goods or services on credit. Accounts payable are reclassified as notes payable when they haven't been paid within a year. Accounts payable arise when a business promises to purchase goods or services. 1 pts Question 17 1 pts What is the impact on the accounting equation of recording a payment to a supplier on account? Assets and shareholders' equity both decrease. O Liabilities increase and shareholders' equity decreases. Assets and liabilities both decrease. Liabilities decrease and shareholders' equity increases