How does the following independent transaction affect the accounting equation for ABC Company On June 1 of the current year, pold $50,000 of rent in advance for October through December MC of et laces, e to feet o No effect on assets no effect on abilities, and no effect on owner's equity Assets decrease; abilities increase and no effect on owner's equity M S # 3 80 73 886 E % 95 54 < Prev 9 of 20 Next > MacBook Air 66 & 7 G R T Y U . 8 D F G H J X C V mand B N