Question 4 (1 point) What is the effect of the following transaction on the basic accounting equation? Of the original $1,200 of supplies you had at the beginning of the month only $280 are left. 1) Assets increase, liabilities increase. 2) Assets increase, owners' equity increases. 3) Liabilities decrease, owners' equity increases. 4) No entry, no effect. 5) Assets decrease, liabilities decrease. 6) Liabilities increase, owners' equity decreases. 7) Assets increase, assets decrease. 8) Assets decrease, owners' equity decreases.