Question 34 2 pts What effect will this transaction have on the accounting equation? Paid cash for the purchase of a one-year insurance policy (prepaid insurance). Decrease assets, decrease owner's equity Increase assets, increase owner's equity No effect Increase liabilities, decrease owner's equity Increase assets, increase liabilities Question 35 2 pts What effect will this transaction have on the accounting equation? Cash withdrawal by owner for personal use. No effect Increase assets, increase owner's equity Increase liabilities, decrease owner's equity Decrease assets, decrease owner's equity Increase assets, increase liabilities