Mr. Evans, the owner, purchases equipment for $5,500, cash. Required: What is the effect of this transaction on individual asset accounts, individual kability accounts, and the Owne's Equity account? Check all that apply. An asset account increases. A liability account increases. Owner's Equity increases. An asset account decreases. A bability account decreases Owner's Equity decreases Mr. Evans, the owner, purchases equipment for $5,500, cash. Required: What is the effect of this transaction on individual asset accounts, individual kability accounts, and the Owne's Equity account? Check all that apply. An asset account increases. A liability account increases. Owner's Equity increases. An asset account decreases. A bability account decreases Owner's Equity decreases