Young Company purchases printing equipment for $3,000, paying 40% of the amount due in cash and agreeing to pay the balance at a later date.

What is the effect of this transaction on individual asset accounts, individual liability accounts, the Capital Stock account, and the Retained Earnings account? Check all that apply. An asset account increases. An asset account decreases. A liability account decreases. A liability account increases. Capital Stock increases. Capital Stock decreases. Retained Earnings increase. Retained Earnings decrease