Payment on a portion of Accounts Payable will
A) not affect owner's equity.
B) decrease net income.
C) increase total liabilities.
D) not affect total assets.

Name: Payment on a portion of Accounts Payable will A) not affect owner's equity. B) decrease net income. C) increase total liabilities. D) not affect total assets.
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Question

Quizplus · Accepted Answer

Paying off a portion of Accounts Payable reduces liabilities and cash (an asset) by the same amount, leaving owner's equity and total assets unchanged.

Payment on a Portion of Accounts Payable Will