15. Assume the perpetual inventory method is used. 1) The company purchased $13,600 of merchandise on account under terms 2/10, 1/30. 2) The company returned $3100 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for $21,200 cash. What effect will the return of merchandise to the supplier have on the accounting equation? A) Assets and equity are reduced by $3100. B) Assets and liabilities are reduced by $3100. C) Assets and liabilities are reduced by $3038. D) None. It is an asset exchange transaction