2) If a company paid $38,000 of its accounts payable in cash, what was the effect on the accounting equation? A) Assets would decrease $38,000, liabilities would decrease $38,000, and equity would decrease $38,000. B) Assets would increase $38,000 and liabilities would decrease $38,000. C) Assets would decrease $38,000, liabilities would decrease $38,000, and equity would increase $38,000. D) Assets would decrease $38,000, liabilities would decrease $38,000, and equity remains unchanged. E) There would be no effect on the accounts because the accounts are affected by the same amount