The cost of an inventory item includes its invoice price plus any added or incidental costs necessary to put it in a place and condition for sale. * True False How would the accounting equation of Lenore Turner's consulting business be affected by the billing of a client for $2,000 for consulting work completed? * O Accounts receivable, $2,000 increase, liabilities, $2,000 decrease. Accounts receivable, $2,000 increase, liabilities, $2,000 increase. O Accounts receivable, $2,000 increase, cash, $2,000 increase O Accounts receivable, $2,000 increase, equity, $2,000 increase. Accounts receivable, $2,000 increase, cash, $2,000 decrease. Celery Company has assets of $150,000, liabilities of $90,000, and equity of $60,000. It buys supplies for cash $5,000. What effect would this transaction have on the accounting equation? * O Assets, $5,000 increase, equity, $5,000 increase. Assets, $5,000 increase, equity, $5,000 decrease