The accounting equation may be expressed as all of these assets = liabilities + owner's equity liabilities = assets - owner's equity owner's equity = assets - liabilities assets = owner's equity + liabilities Question 23 (2 points) Alexander bought office equipment for $3,000 on account. This transaction would increase assets and increase liabilities increase assets and decrease liabilities increase assets and decrease owner's equity increase one asset and decrease another asset Question 24 ( 2 points) Owner's equity is affected by expenses revenue owner's withdrawals