If a company uses $1,560 of its cash to purchase supplies, the effect on the accounting equation would be: Multiple Choice Assets increase $1,560 and liabilities decrease $1,560. One asset increases $1,560 and another asset decreases $1,560, causing no effect. Assets decrease $1,560 and equity decreases, $1,560. Assets decrease $1,560 and equity increases $1,560. Assets increase $1,560 and liabilities increase $1,560. If a company receives $12,000 from a client for services provided, the effect on the accounting equation would be: Multiple Choice Assets decrease $12,000 and equity decreases $12,000. Assets increase $12,000 and liabilities decrease $12,000. Assets increase $12,000 and liabilities increase $12,000. Liabilities increase $12,000 and equity decreases $12,000. Assets increase $12,000 and equity increases $12,000