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Given the following transaction: Received utilities bill but did not pay it until the following month. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) If Retained Earnings is selected, choose the reason that it has changed. Account Which account is affected? Why has Retained Earnings changed? Cash 0 Is the account increased or decreased? Increased Decreased Increased Decreased Increased Decreased Accounts Receivable Supplies Increased Prepaid Insurance Equipment Decreased Increased Decreased Increased Accounts Payable Decreased Increased Capital Stock Decreased Increased Retained Earnings Choose One Decreased (b) Are the selected accounts increased or decreased? If Retained Earnings is selected, choose the reason that it has changed. Account Which account is affected? Why has Retained Earnings changed? Cash Accounts Receivable Supplies Is the account increased or decreased? Increased Decreased Increased Decreased Increased Decreased Increased Decreased Increased Decreased Increased Decreased Increased Decreased Increased Decreased Prepaid Insurance Equipment Accounts Payable Capital Stock Retained Earnings Choose One Revenue Expense Dividends

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