ALEKS Gritm Google Forms anox MPor enons Engine Griffin Doug

ALEKS: Gritm Google Forms :anox MPor enons Engine: Griffin Douglas ALEKS Question #7 For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the double-entry accounting system: Transaction: that had been previously purchased on account. Perez Company paid balance due of $3,400 on equipment Which two t accounts are Choose one Choose one What kind of aocounts ane they? Choose one Choose one Do the account balances Increase Decrease pcrease Decrease or decrease? cedit the accounts Debit Credit Clear Undo Help I don\'t know MacBook Pro

Solution

Which two accounts are affected ?

Accounts Payable Account and Cash Account

What kind of accounts are they?

Current liabilities and Current assets

Account balance increase or decrease?

Accounts Payable Account  = Decrease, Cash Account = Decrease

Debit or Credit:

Accounts Payable Account = Debit, Cash Account = Credit