If a company uses $1,500 of its cash to purchase supplies, the effect on the accounting equation would be: points Multiple Choice Assets increase $1500 and liabilities decrease $1.500. One asset increases $1,500 and another asset decreases $1,500, causing no effect. References Assets decrease $1.500 and equity decreases $1.500. Assets decrease S1,500 and equity increases $1.500 C) Assets increase $1.500 and liabilities increase $1,500