Jane is an osteopath operating as a sole proprietor. In January she purchases for $540 some new furniture for her waiting room. The purchase is made on credit. The effect of this transaction on the accounting equation is: Increase in the asset furniture $540 increase in the liability accounts payable $540 Increase in the asset furniture $540 decrease in the asset accounts receivable $540 Increase in the asset furniture $540 increase in equity $540 Increase in the asset furniture $540 increase in the asset accounts receivable $540