1) What is the proper way to record a decrease in an asset account and a decrease in a liability account? Asset, credit; liability, debit Asset, debit; liability, credit Asset, credit; liability, credit Asset, debit; liability, debit 12. On January 1 , a company has total assets of $700,000, total liabilities of $500,000, and total equity of $200,000. On January 1 , the company entered into the following two transactions: - Purchasing goods for resale: total cost of this inventory was $50,000; the company paid $10,000 cash and the remainder was put on the company's credit accounts with its suppliers. - Selling land for cash: the original cost of the land was $100,000; the land was sold for $80,000. After these two transactions, what is this company's total assets? $720,000$740,000$830,000$850,000