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

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

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