5. The description of the relation between a company's asets, liabilities, and equity, which is expressed as Assets = Liabilities + Equity, is known as the: A. Income statement equation. B. Accounting equation C. Business equation D. Return on equity ratio. E. Net income. 6. On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $20,500, Accounts Receivable, $7.250; Supplies, 3650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity 25 of June 30 of the current year! A. 58.300 B. 313.050 C. $20,500 D. 531.100 7. Photometer Company paid off 530,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? A. Assets, $30,000 increase; liabilities, no effect; equity, S80,000 increase B. Assets, 330,000 decrease; liabilities, $30,000 decrease; equity, no effect C. Assets, 530,000 decrease: liabilities, $30.000 increase; equity, no effect. D. Assets, no effect liabilities, 590.000 decrease equity: 530,000 increase E. Assets, $30,000 decrease;labilities, no effect; equity $30,000 decrease 8. Zion Company has assets of $600.000, Tiabilities of S250,000, and equity of $350.000. It buys office equipment on credit for 375.000. What would be the effects of this transaction on the accounting equation? A Assets increase by $75.000 and expenses increase by $75,000 B Assets increase by $75,000 and expenses decrease by $75.000 C Liabilities increase by 575,000 and expenses decrease by 575,000 D. Assets decrease by $75,000 and expenses decrease by $75,000 E. Antes increase by $15.000 and liabilities screase by $75,000 con account avable in the act on the lights