Jason purchased office equipment for Dollar 4,800 on account. This transaction would increase assets and increase owner's equity. Increase assets and increase liabilities. Increase one asset and decrease another asset. Decrease assets and decrease liabilities. Any accounting period of twelve month's duration is usually referred to as a(a) fiscal year. calendar year. physical year. operational year. A decrease in owner's equity may mull from a(n) purchase of office supplies for cash. withdrawal of cash from the busmen by the owner revalue that is derived from sales of goods owner. investment of cash in the business by the owner Accounts that affect who's equity are assets, capital, and revenue. capital, liabilities, and expenses. Expenses, capital, and drawing. drawing, assets, and liabilities. Increases arc entered on the credit side of a(n) asset account. liability account. expense account. drawing account. The drawing account should be used to show the amount the owner has inversted in the business. the amount the owner has taken out of the business. the amount the business has earned. the amount the business has spent. A purchase of an asset on account increases cash decreases owner's equity. increases assets decreases expenses. When delivery equipment is purchased on account, the transaction to be entered by the purchaser ir a debiting Delivery Equipment and crediting Accounts Payable. debiting Delivery Expense and crediting Cash. debiting Delivery Expense and crediting Accounts Payable. debiting Delivery Equipment and crediting Cash. A chronological record of financial transactions expressed as debits and credits to accounts is problem ledger. journal. balance sheet. trial balance