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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
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.
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