What is the effect of the following transaction on the basic accounting equation? Paid down your credit card bill of $3,200. 1) No entry, no effect. 2) Assets decrease, liabilities decrease. 3) Assets increase, liabilities increase. 4) Assets increase, owners' equity increases. 5) Assets decrease, owners' equity decreases. 6) Liabilities decrease, owners' \&4uity increases. 7) Assets increase, assets decrease. 8) Liabilities increase, owners' equity decreases