QUESTION 13 Earned $50,000 from services performed, received $10,000 cash and the balance on account. What is the effect of this transaction on the accounting equation? increases an asset $10,000; increases a liability S40,000; increases equity $50,000 OA increases an asset $10,000; increase an asset $40,000, increases equity $50,000 decreases an asset $10,000, increase an asset $40,000; decrease equity $50,000 loc Decrease an asset $10,000; decreases a liability $40,000, decrease equity 350,000