Question #1 Griffin Company purchases store supplies for $2,400, paying 20% of the amount due in cash and agreeing to pay the balance at a later date. Required: What is the effect of this transaction on individual asset accounts, individual liability accounts, the Capital Stock account, and the Retained Earnings account? Check all that apply. An asset account increases A liability account increases Capital Stock increases Retained Earnings increase An asset account decreases. A liability account decreases Capital Stock decreases. Retained Earnings decrease Clear UndoH Help Next>> I don't know