YOMBSWISSCELWHX ACCOUNTING CYCLE Effects of a transaction on assets, liabilities, and equity: Proble... On June 15, Mr. Cook, the owner, pays $570 for May's utility bill. Earlier, on May 31, Mr. Cook had accrued the utility cost. Required: What is the effect of this transaction on individual asset accounts, individual liability accounts, and the Owner's Equity account Check all that apply. An asset account increases. A liability account increases An asset account decreases A liability account decreases. Owner's Equity decreases. Owner's Equity increases