Question: Please help me for details, thank u so much A business paid $7.000 to a creditor in payment of an amount owed. The effect of

Please help me for details, thank u so much

A business paid $7.000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to increase an asset, decrease another asset accounts being used are cash and accounts payable The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Total liabilities are $1,500 $14,300

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