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Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?
A.
Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.
B.
Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.
C.
Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.
D.
Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.