On February $1,$ Marquardt Corp paid $$29,500$ cash to rent office space for the month of February. How is Marquardt Corp's accounting equation effected?

Increase Assets $$29,500$; Increase Retained Earnings $$29,500$

Increase Assets $$29,500$; Decrease Retained Earnings $$29,500$

Decrease Assets $$29,500$; Decrease Retained Earnings $$29,500$

Decrease Assets $$29,500$; Increase Retained Earnings $$29,500$