Ogden Company purchased a building. Ogden paid part of the purchase price in cash and signed a note payable agreeing to pay the remainder in the future. What is the effect of this transaction on the accounting equation? Cash DOWN, Building UP, Note Payable UP Cash DOWN, Building DOWN, Note Payable DOWN Cash DOWN, Building DOWN, Note Payable UP Cash UP, Building DOWN, Note Payable DOWN 5. Bookmark question for later Layton Company borrowed cash from a local bank. What is the effect of this transaction on the accounting equation? Cash UP, Loan Payable UP Cash DOWN, Loan Payable UP Cash DOWN, Loan Payable DOWN Cash UP, Loan Payable DOWN 6. Bookmark question for later What is the proper way to record an increase in an asset account and an increase in an equity account? Asset, debit; equity, debit Asset, debit; equity, credit Asset, credit; equity, debit Asset, credit; equity, credit