Today, Cedar Park Company paid $600 of its accounts payable in cash. What is the effect on the accounting equation? Assets, $600 increase; liabilities, no effect; equity, $600 increase. Assets, $600 decrease; liabilities, $600 decrease; equity, no effect. Assets, $600 decrease; liabilities, $400 increase; equity, $200 decrease Assets, no effect; liabilities, $600 decrease; equity, $400 increase Clear selection