How does the following independent transaction affect the accounting equation for ABC Company: On June 1 of the current year, paid $50,000 of rent in advance for October through December Multiple Choice Assets decrease; no effect on liabilities; and no effect on owner's equity Assets decrease; no effect on liabilities; and owner's equity increases No effect on assets; no effect on liabilities; and no effect on owner's equity Assets decrease; liabilities increase; and no effect on owner's equity