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The following accounting equation shows the firm's financial position at any point in time. assets=liabilities+ownersequityliabilities=assets+ownersequityassets=liabilities-ownersequityliabilities=ownersequity+assets...

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Accounting

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The following accounting equation shows the firm's financial position at any point in time. assets=liabilities+ownersequityliabilities=assets+ownersequityassets=liabilities-ownersequityliabilities=ownersequity+assets If total liabilites increased by $90,000 and stockholders' equity decreased by $30.000 during a period of time, then total assets must change by what amount and cirection during that same period? $120,000 increase $60,000 increase $120,000 decrease 560,000 decrease Jones borrows $50,000 from Bank of America. How does this transaction affect the accounting equation? Assets increase by $50,000, liabilities increase by $50,000, no effect on equity Assets increase $50,000, no effect on liabilities, equity increases by $50,000 No effect on assets, liabilities increase by $50,000, equity decreases by $50,000 No effect on assets, liabilities increase by $50,000, equity increases by $50,000

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