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Please answer quicklyy: THANK YOU What is the effect of the following transaction on the...

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Accounting

Please answer quicklyy: THANK YOU What is the effect of the following transaction on the basic accounting equation? Paid off your loan of $10,000 using cash. Question 21 options: 1) Assets increase, assets decrease. 2) Assets decrease, liabilities decrease. 3) Liabilities increase, owners' equity decreases. 4) Assets increase, liabilities increase. 5) Assets increase, owners' equity increases. 6) Liabilities decrease, owners' equity increases. 7) No entry, no effect. 8) Assets decrease, owners' equity decreases.

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