Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account. 
Definitions:
Current Assets
Properties expected to be turned into cash, sold, or expended within the span of one year or the typical operating period of the enterprise.
Current Asset
A resource anticipated to be transformed into cash, disposed of, or utilized within a year or the length of the operating cycle, whichever duration is greater.
Order of Liquidity
Refers to the sequence in which assets are ranked based on how quickly they can be converted into cash, with cash being the most liquid asset.
Accounts Payable
A liability to a creditor, carried on open account, usually for purchases of goods and services.
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