Saddleback Company paid off $47,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Choice Assets, $47,000 increase; equity, $47.000 increase. Assets, $47,000 decrease; liabilities, $47.000 decrease. Assets, $47,000 decrease: liabilities, $47.000 increase. Liabilities, $47,000 decrease; equity, $47,000 increase. The following transactions occurred during July: 1. Received $950 cash for services provided to a customer during July. 2. Issued common stock for $3,000 cash. 3. Received $800 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $425. 5. Borrowed $6,500 from the bank by signing a promissory note. 6. Received $1,300 cash from a customer for services to be performed next year. What was the amount of revenue for July? $950. $1,375. $2,675. $3,475. $12,550