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15 pts Indicate the effect of the following transactions on the basic accounting equation. For example, the receipt of cash for work to be performed in the the future would cause assets to increase, liabilities to increase, and would not change equity. A) The purchase of an asset on credit. Assets Select 1 Liabilities (Select] Equity (Select) B) A cash payment to reduce a liability. Assets [Select] Liabilities Select] Equity [Select) C) Revenue earned, receiving cash. Assets Select] Liabilities Select ] Equity (Select] D) The declaration and payment of cash dividends. Assets [Select ] Liabilities [ Select Equity [Select] E) An expense incurred on credit. Assets [Select] Liabilities Select] [Select] Equity