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The following transaction: Paid Northern Ohio Power Co. $7,000 cash for energy usage in May will have the following effects on the components of the

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The following transaction: "Paid Northern Ohio Power Co. $7,000 cash for energy usage in May" will have the following effects on the components of the basic accounting equation: a. an increase in assets and increase in liabilities. Ob. an increase liabilities and decrease in owner's equity. ca decrease in assets and a decrease in liabilities. d. a decrease in assets and a decrease in owner's equity

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