Analyze the below transaction and determine the effect on the accounting equation : ABC Company paid $ $1,920$ to an insurance company for fire and liability insurance for a one $-$ year period beginning June $1,2024.($ A $)$ Increase in assets $,$ Increases in liabilities $.($ B $)$ Decrease in assets $,$ decrease in liabilities $.($ C $)$ Increase in assets $,$ decrease in other assets $.($ D $)$ Decrease in liabilities $,$ increase in equity $.$