Effects of a transaction on assets, liabilities, and equity: Problem type 1

Mr. Hayes, the owner, pays its supplier $3,400 for supplies purchased three weeks earlier.

Required:

What is the effect of thistransactionon individualassetaccounts, individualliabilityaccounts, and theOwner's Equityaccount?

Check all that apply.

An asset account increases.

An asset account decreases.

A liability account increases.

A liability account decreases.

Owner's Equity increases.

Owner's Equity decreases.