Sheridan Company purchases $1380 of equipment from Monty Inc. for cash. The effect on the components of the basic accounting equation of Sheridan Company is an increase in assets and a decrease in liabilities. no change in total assets. a decrease in assets and liabilities. an increase in assets and liabilities. Save for Later EL Attempts: 0 of 1 used Submit Answer 3,3 Up next BO # N 2 % 5 3 4 6 Q W E tab R