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Carmen, the owner of Scissortricks, paid $500 cash for advertising on local ratio during the month. Which of the following reflects the effect on the

Carmen, the owner of Scissortricks, paid $500 cash for advertising on local ratio during the month. Which of the following reflects the effect on the accounting equation? Decrease in equity of $500; decrease in assets of $500. Increase in assets of $500; increase in liabilities of $500. Decrease in assets of $500; increase in equity of $500. Decrease in equity of $500; increase in assets of $500

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