Multiple Choice (Provide explanation for each answer please). In the buyer's records, the purchase of merchandise on account would: (a) increase assets and increase expenses, (b) increase assets and increase liabilities, (c) increase liabilities and increase paid in capital, (d) have no effect on total assets. The balance in the Accrued Wages Payable account increased from $12,200 at the beginning of the month to $15,000 at the end of the month. Wages accrued during the month totaled $61,000. (a) Wages paid during the month totaled $58,3200, (b) Wages paid during the month totaled $64,800, (c) Wages Expense for the month totaled $58,000, (d) Wages expense for the month totaled $76,000