What is the effect of the following transaction on the basic accountin equation? Paid utility costs of $800 for utility usage to date. 1) Liabilities decrease, owners' equity increases. 2) Assets increase, assets decrease. 3) Assets increase, owners' equity increases. 4) No entry, no effect. 5) Liabilities increase, owners' equity decreases. 6) Assets decrease, owners' equirty decreases. 7) Assets decrease, liabilities decrease. 8) Assets increase, liabilities increase