Saddleback Company paid off $40,000 of its accounts payable in cash. What would be the effects this transaction on the accounting equation? Multiple Choice Assets, $40,000 increase; equity, $40,000 increase. O Assets, $40,000 decrease; liabilities, $40,000 decrease. Assets, $40,000 decrease; liabilities, $40,000 increase. Liabilities, $40,000 decrease; equity, $40,000 increase. Assets. $40,000 decrease equity $40,000 cecrease