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O ACCOUNTING CYCLE Effects of a transaction on assets, liabilities, and equity: Proble... Miss Smith, the owner, sends invoices to all clients for services rendered for a total of $9,650. Required: What is the effect of this transaction on individual asset accounts, individual liability accounts, and the Owner's Equity account? Check all that apply. An asset account An asset account increases. decreases. O A liability account A liability account increases. decreases. O Owner's Equity increases. O Owner's Equity decreases. O X 5