If a Hurko, Inc. paid $38,000 of its accounts payable in cash, what was the...
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If a Hurko, Inc. paid $38,000 of its accounts payable in cash, what was the effect on the assets, liabilities and shareholders equity? A. Assets would decrease $38,000, liabilities would decrease $38,000, and equity would decrease $38,000. B. Assets would decrease $38,000, liabilities would decrease $38,000, and equity would increase $38,000. C. Assets would decrease $38,000, liabilities would decrease $38,000, and equity would not change. D. There would be no effect on the accounts because the accounts are affected by the same amount. E. None of the above; __________.
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