For each transaction, indicate which two accounts are affected and which category each affected account belongs to (asset, liability or equity). Also indicate whether the account balance will increase or decrease as a result of each transaction. 1 A company receives an invoice of $500 for telephone services. It will pay the expense two months after it is incurred. 2 A company purchases a one-year insurance policy for $3,600 cash, to insure its property. 3 Two months have passed since transaction #1 and the company pays $250 of the total owed to the phone supplier. For each transaction, two accounts are affected. List Balance Sheet accounts first. If 2 Balance Sheet accounts are affected, list Cash first. Date Account affected Category Increase or Decrease 1 Answer Answer Answer Answer Answer Answer 2 Answer Answer Answer Answer Answer Answer 3