Reno Company experienced a transaction that had the following effect on the financial statements: assets decreased and liability decreased

(For your reference: Assets = Liabilities + Stockholders' equity.) Which transaction would have this effect, that is,

Select one:

A. Freight-in cost incurred; payment to be made in 30 days

B. Return to a supplier of merchandise that was purchased on account

C. Return by a customer of a sale that was made on account

D. A loss on land that was sold for cash