Payment is made for the telephone bill which was recorded previously. What effect does this transaction have on the accounting equation?

Name: Payment is made for the telephone bill which was recorded previously. What effect does this transaction have on the accounting equation?
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Question

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A payment for a telephone bill would result in a decrease in assets (cash) and decrease in liabilities (accounts payable). Therefore, the accounting equation would be affected by a decrease in both assets and liabilities.

Payment Is Made for the Telephone Bill Which Was Recorded