Question 7 3 pts A business placed an order for inventory at a cost of $8,500, to be processed after COVID19 restrictions are lifted and the business promised to pay the entire amount in cash after receiving the inventory. What is the effect on the accounting equation on the date the business placed the order? o Increase liabilities accounts payable by $8,500 and increase asset inventory by $8,500. O Increase the asset inventory by $8,500 and decrease the asset cash by $8,500. O No effect until the inventory order is processed. O Decrease the asset cash by $8,500 and increase expenses by $8,500