2 If a company has excess space in its building that it rents to another company for $700, what is the effect on the accounting equation during the first month? Multiple Choice Assets would decrease $700 and liabilities would decrease $700. Assets would decrease $700 and equity would increase $700 Assets would increase $700 and equity would decrease $700. Assets would increase $700 and equity would increase $700. Saved Liabilities would decrease $700 and equity would increase $700