Question 8 (1 point) The purchase of office equipment on credit has what effect on the accounting equation? Liabilities increase and stockholders' equity decreases. Assets decrease and stockholders' equity decreases. Assets decrease and liabilities decrease. Assets increase and liabilities increase. Question 9 (1 point) One effect on the accounting equation when a firm borrows money is that liabilities decrease. assets decrease. O stockholders' equity decreases O assets increase