Question: What effect does this transaction have on the accounting equation? Purchased supplies on account. Question 1 Select one: Decrease assets; Decrease equity Decrease assets; Decrease

What effect does this transaction have on the accounting equation?
Purchased supplies on account.
Question 1Select one:
Decrease assets; Decrease equity
Decrease assets; Decrease liabilities
Increase an asset; Decrease a different asset
Increase assets; Increase equity
Increase assets; Increase liabilities
Increase liabilities; Decrease equity

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