Question 6 2 pts Determine what effects, if any, the event had on the net income and on the balance sheet. The policy is to record prepayments into balance sheet accounts. Mar. 12 The company paid $4,200 cash to settle the accounts payable created on March 3. The event [salad] V net income because [59'9\"] The event total assets. has no effect on increases The event total liabilities. decreases The event [SaleCt] V equitybecause [Select] v _ Question 6 2 pts Determine what effects, if any, the event had on the net income and on the balance sheet. The policy is to record prepayments into balance sheet accounts. Mar. 12 The company paid $4,200 cash to settle the accounts payable created on March 3. The event [59'9\"] V net income because [59'9\"] V _ . no income statement accounts are affected The event Increases V total assets. the revenue increases the revenue decreases the expenses increase The event [SEIECtl v total liabilities. __ the expenses decrease The event [59'6\"] V equitybecause [59'3\"] V_ Question 6 2 pts Determine what effects, if any, the event had on the net income and on the balance sheet. The policy is to record prepayments into balance sheet accounts. Mar. 12 The company paid $4,200 cash to settle the accounts payable created on March 3. The event [salad] V net income because [salad] The event increases V total assets. The event [59'9\"] V total liabilities. The event [59'9\"] V equity because [59'9\"] V . it is an owner's contribution net income decreases net income increases it is a distribution -. no equity accounts are affected