S2-2 Identifying increases and decreases in accounts Learning Objective 2 For each of the following, identify which types of account will be affected-asset (A), liability (L), or equity (E) - and the account names. a. Customer pays a previous debt for purchase. b. The business receives its electricity bill for the previous month. c. The business applies for a loan at the local bank. d. The business bought supplies for cash. e. The business bought an insurance policy for its building and paid for 3 years