yering achasting maty of Mhave Oneit. Delien himed munance 3,400.0. Debit Prepaid insurance 51,000, Credit insurance expense $1,000 How does the following independent transaction affect the accounting equation for ABC Cornpony: The warehouse specialist af ABC Company earned and was paid $3,000 during the current month Muttple Choice No effect on ossets, liabihties increase, owner's equity increases: Assets decrease, no eftect on liabilies, and owner's equity decreases Assets decrease, liabilies increase, and no effect on owner's equity Assets decrease, no effect on mabilities. and no effect on owner's equity