Kailua Corporation pays $750 cash for a previously accrued expense and accrues $1,000 for a new expense. What is the effect of these two recordings on: Select one: a. Total Liabilities Increase by $1,750 Net Income Decrease by $1,750 b. Total Liabilities Increase by $250 Net Income Decrease by $1,000 d. Total Liabilities Decrease by $1,000 Total Liabilities Decrease by $1,000 Net Income Decrease by $1,000 Net Income Decrease by $250 Total Liabilities Increase by $250 Net Income Decrease by $750 Clear my choice