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

Mrs. Allen, the owner, performs services for some clients and is paid incashimmediately, $400.

Required:

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

Check all that apply.

Choices are two, three, or more:

An asset account increases. An asset account decreases.

A liability account increases. A liability account decreases.

Owner's Equity increases. Owner's Equity decreases.