Zion Company buys office equipment on credit for $75,000. The effect of this transaction on Zion Company are: O Assets increase by $75,000; and expenses increase by $75,000 O Assets increase by $75,000; and expenses decrease by $75,000 O Liabilities increase by $75,000; and expenses decrease by $75,000 Assets decrease by $75,000; and expenses decrease by $75,000 o Assets increase by $75,000; and liabilities increase by $75.000. Question 24 3 pts The requirement that owners are separate and distinct from their businesses is called Separation Concept O Distinct Entity Concept Economic Entity Concept O All of the above are correct None of the above