Murphy Company receives their utility bill for $420 on July 31. They intend to pay...
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Accounting
Murphy Company receives their utility bill for $420 on July 31. They intend to pay the bill on August 20.
Required:
What is the effect of this transaction on individual asset accounts, individual liability accounts, the Capital Stock account, and the Retained Earnings account?
Check all that apply.
An asset account increases.
An asset account decreases.
A liability account increases.
A liability account decreases.
Capital Stock increases.
Capital Stock decreases.
Retained Earnings increase.
Retained Earnings decrease.
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