Make a payment of $25 for interest on a loan that was appropriately accrued at the end of last month. - Equity --- 1) no effect 2) decrease 3) increase to one and decrease to another 4) increase Question 4 (1 point) What is the effect of the following business activity on the element indicated? A month-end entry is made for a 6%, 1 year, Bank Loan Payable of $25,000, taken out Nov. 1. - Assets 1) no effect 2) decrease 3) increase 4) increase to one and decrease to another