Assume that on March 1, a firm sells a product to a customer for $1,000. The customer agrees to pay $1,120 in one year. On December 31 of the same year, the firm will accrue the interest earned on the note. The effect of the transaction on the accounting equation when the firm accrues the interest from March 1 through December 31 was to: increase an asset by $120; decrease another asset by $120 decrease an asset by $120; increase owners' equity by $120 increase an asset by $100; increase a liability by $100 increase an asset by $100; increase owners' equity by $100