uestion 8 o ot yet Kailua Corporation pays $1,000 cash for a previously accrued expense and accrues $250 for a new expense. What is the effect of these two recordings on Total Assets and Net Income, respectively: nswered oints out of 00 Flag question Select one: a. Increase by $1,750, Decrease by $1,750 b. Increase by $750, Decrease by $750 c. Decrease by $1,000, Decrease by $1,000 d. Decrease by $1,000, Decrease by $250 e. Decrease by $250, Decrease by $750 Question 9 Given the following information: Not yet answered Points out of 3.00 Overstated Understated F Flag question Sales Discounts 5 3 Bad Debt Expense Freight-in Freight-out 2 9 Gross Profit is: Select one: a. Overstated $3 b. Overstated $2 c. Understated $2 d. Overstated $7 Understated