Remaining Time: 1 hour, 06 minutes, 32 seconds. Question Completion Status: QUESTION 12 Cash collected from a customer on accounts receivable would produce what effect on the accounting equation? a. Increase liabilities and decrease equity b. Increase assets and decrease assets c. Decrease liabilities and decrease equity d. Decrease assets and decrease liabilities QUESTION 13 Which of the following is one effect on a purchase of supplies on account for $2,000? a. Decrease cash by $2,000 b. It would increase retained earnings by $2,000 c. It would increase liabilities by $2,000 d. It would decrease liabilities by $2,000