What is the impact on the accounting equation when a payment of account payable is made?

1. both sides increase
2. both sides decrease
3. only the Asset side changes
4. neither side changes

Which of the following accounts is increased by a debit?

1. Common Stock
2. Accounts Payable
3. Supplies
4. Service Revenue

What is the impact on the accounting equation when an accounts receivable is collected?

1. both sides increase
2. both sides decrease
3. only the Asset side changes
4. the total of neither side changes

Which set of accounts has the same type of normal balance?

1. Cash, accounts payable
2. Prepaid rent, unearned service revenue
3. Dividends, common stock
4. Accounts payable, retained earnings