Graves Company bought supplies on credit, $1,800. What are the effects on the fundamental accounting equation? a. Assets, no effect; liabilities, increase $1,800; owner's equity decreases $1,800. b. Assets increase $1,800; liabilities, increase $1,800; owner's equity, no effect. c. Assets increase $1,800; liabilities, no' effect; owner's equity increases $1,800. d. Assets decrease $1,800; liabilities, no effect; owner's equity decreases $1,800