What is the effect of the following transaction on the basic accounting equation? Paid your credit card bill of $2,500. Select one: a. One asset increases, another asset decreases b. Assets increase, liabilities increase c. Assets decrease, owner's equity decreases d. Assets increase, owner's equity increases e. Liabilities decrease. Owner's equity increases f. Liabilities increase, owner's equity decreases g. No entry, no effect Oh. Assets decrease, liabilities decrease

What is the effect of the following transaction on the basic accounting equation? Paid your credit card bill of $2,500. Select one: a. One asset increases, another asset decreases b. Assets increase, liabilities increase c. Assets decrease, owner's equity decreases d. Assets increase, owner's equity increases e. Liabilities decrease. Owner's equity increases f. Liabilities increase, owner's equity decreases g. No entry, no effect h. Assets decrease, liabilities decrease