What is the effect of the following transaction on the basic accounting equation? Purchased a business licence from Service Ontario for $$60$ using a credit card.

Question $11$Select one:

a$.$

Liabilities increase, owner$$s equity decreases

b$.$

One asset increases, another asset decreases

c$.$

No entry, no effect

d$.$

Liabilities decrease. Owner$$s equity increases

e$.$

Assets decrease, liabilities decrease

f$.$

Assets decrease, owner$$s equity decreases

g$.$

Assets increase, owner$$s equity increases

h$.$

Assets increase, liabilities increase