The payroll paid $3,000 cash for salary on Dec. 30. What is the effect on the expanded accountingequation Select one or more:a. Asset increased by 3,000 and liabilities increased by 3,000.b. Liabilities increased by 3,000, no effect to asset. c. Asset decreased by 3,000 and expense increased by 3,000. d. No effect. The correct answer is: Asset decreased by 3,000 and expense increased by 3,000.