Hornet Co. pays monthly salaries, $1,200.

For the transaction above, complete the following:

(a)Select the accounts that are affected (there will be at least two).

(b)Are the selected accounts increased or decreased?

(c)What is the dollar amount of change in the accounts?

(d)If Retained Earnings is selected, choose the reason that it has changed.

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Account Which accounts are affected? Is the account increased or decreased? What is the amount of transaction? Why has Retained Earnings changed? Cash Increase $ Decrease Accounts Receivable Increase $ Decrease Supplies Increase $ Decrease Tools Increase $ Decrease Accounts Payable Increase $ Decrease Capital Stock Increase $ Decrease Retained Earnings Increase $ Choose OneRevenueExpenseDividends Decrease