Question 7 3 pts An entity sold equipment with a cost of $1,600 for $2,000 cash, and the owner Joker withdrew half of the proceeds for his personal use. What are the effects on the entity's cash flow statement? Investing cash flow increases by $2,000, operating cash flow decreases by $1,000. Investing cash flow increases by $1,600, financing cash flow decreases by $800. Investing cash flow increases by $2,000, financing cash flow decreases by $1,000. Financing cash flow increases by $1,600, operating cash flow decreases by $800. Question 8 3 pts A business placed an order for inventory at a cost of $8,500, to be processed after COVID19 restrictions are lifted and the business promised to pay the entire amount in cash after receiving the inventory. What is the effect on the accounting equation on the date the business placed the order? Decrease the asset cash by $8.500 and increase expenses by $8,500. Increase the asset inventory by $8,500 and decrease the asset cash by $8.500. Increase liabilities accounts payable by $8.500 and increase asset inventory by $8,500. No effect until the inventory order is processed