ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the Transaction: Stewart Company placed an ad in the local paper for the current month to be paid next month, $1,600. which two accounts are affected? Choose one Choose one V What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we debit or credit the accounts? Debit Credit O Debit Credit 5