Compute what is effect of transaction on individual asset

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Effects of a transaction on assets, liabilities, and equity:Mrs. Allen, the owner, performs services for some clients and is paid in cash immediately, $400.

Problem 1: What is the effect of this transaction on individual asset accounts, individual liability accounts, and the Owner's Equity account?

Choices are two, three, or more:

An asset account increases. An asset account decreases.

A liability account increases. A liability account decreases.

Owner's Equity increases. Owner's Equity decreases.

Reference no: EM132678050

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