On 4 May,a retail firm pays a rent of $2200 for the month of April.Which of the following is true when this transaction is recorded in a cash payment journal?
A) Both assets and liabilities will decrease by $2200.
B) Both assets and equity will decrease by $2200.
C) Both assets and equity will increase by $2200.
D) Both liabilities and equity will increase by $2200.
Correct Answer:
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