Saddleback Company paid off $34,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Choice 54:09 Assets, $34,000 increase; equity, $34,000 increase. Assets, $34,000 decrease; liabilities, $34,000 decrease. Assets, $34,000 decrease; liabilities, $34,000 increase. Liabilities, $34,000 decrease; equity, $34,000 increase. Assets, $34,000 decrease; equity $34,000 decrease