Transaction:
1. Inventory costing K3900 was sold on credit for K4450
2. Paid staff salaries K2500
What types of accounts, and their effects does it come under Asset account
1. Inventory account (Asset) - Decrease by K3900
2. Accounts Receivable account (Asset) - Increase by K4450
3. Cash account (Asset) - Decrease by K2500
Overall effect on Asset accounts:
- Total Assets decrease by K950 (K3900 - K4450 - K2500)