On May 31,a Retail Firm Pays Rent of $1,600 for the Month

question 87

Multiple Choice

On May 31,a retail firm pays rent of $1,600 for the month of May.When this transaction is recorded in the cash payments journal,________.

• A)assets and equity will increase by $1,600
• B)assets and liabilities will decrease by $1,600
• C)assets and equity will decrease by $1,600
• D)liabilities and equity will increase by $1,600