QUESTION 7 Johanna's Hair Studio paid $300 for advertising during the month using Cheque No. 100558. Ignore GST. Which of the following reflects the effect on the accounting equation? Decrease in equity of $300: decrease in assets of $300. Decrease in assets of $300: increase in equity of $300. Increase in assets of $300: increase in liabilities of $300. Decrease in equity of $300; increase in assets of $300