Saddleback Company paid off $46,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Choice Assets decrease $46,000; equity decreases $46,000. Assets decrease $46,000; liabilities decrease $46,000. Assets decrease $46,000; liabilities increase $46,000. Liabilities decrease $46,000; equity increases $46,000. Assets increase $46,000; equity increases $46,000. Joont

Saddleback Company paid off $46,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Choice Assets decrease $46,000; equity decreases $46,000. Assets decrease $46,000; liabilities decrease $46,000. Assets decrease $46,000; liabilities increase $46,000. Liabilities decrease $46,000; equity increases $46,000. Assets increase $46,000; equity increases $46,000. Joont

Name: Saddleback Company paid off $46,000 of its accounts payable in cash.
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Description: Saddleback Company paid off $46,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?Multiple ChoiceOOAssets decrease $46,000; equity decreases $46,000.Assets decrease $46,000; liabilities dec

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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