ABC Company paid $12,000 for one year of rent in advance. Now assume that one month of rent has expired. This latter event results in a

a. decrease in assets and a decrease in owners equity of $1,000

b. decrease in assets and an increase in owners equity of $1,000

c. increase in assets and an increase in owners equity of $1,000

d. none of the above

e. increase in assets and a increase in owners equity of $12,000