Revenue RecognitionSuppose Cardullos sold $$700$ of gift baskets to Cambridge Savings Bank. The items in the gift baskets were purchased for $$400$ and Cambridge Savings Bank has $30$ days to pay for this order after they receive it$.$First, how will the recognition of the receivable and revenue for the transaction impact the accounting equation at the time of the sale to Cambridge Savings Bank? Please enter the amounts in the boxes below.INCREASE$ Assets increaseASSETSDECREASE$ Assets decrease$=$INCREASE$ equals liabilities increaseLIABILITIESDECREASE$ equals liabilities decrease$+$INCREASE$ plus owner's equity increaseOWNERS' EQUITYDECREASE$ plus owner's equity decrease