Oc wow assets and abilities decrease assets and increase liabilities. Od QUESTION 15 On the end of the period, Moon Company buys a OMR 700 Office equipment on account. This transaction will affect the income statement only. income statement and owner's equity statement only O balance sheet only oc Od income statement, owner's equity statement and balance sheet QUESTION 14 Debit increase both assets and liabilities Oa increase assets and decrease liabilities. b. decrease both assets and liabilities. decrease assets and increase liabilities