Problem - Mrs. Martin, the owner, receives her utility bill for $350 on July 31. She intends to pay the bill on August 20.
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.
An asset account decreases.
A liability account increases.
A liability account decreases.
Owner's Equity increases.
Owner's Equity decreases.