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Question 1 A $5,000 account payable is paid by the business. How is the accounting equation affected? Your answer: O Assets decrease $5,000; owner's equity

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Question 1 A $5,000 account payable is paid by the business. How is the accounting equation affected? Your answer: O Assets decrease $5,000; owner's equity increases $5,000. O Assets decrease $5,000; liabilities decrease $5,000 O Assets increase $5,000; owner's equity decreases $5,000 O Assets increase $5,000; liabilities increase $5,000

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