A business pays off a note payable. What effect does this have on the accounting equation? Assets go up, Liabilities go down, and Stockholders' Equity remains the same. Assets go down, Liabilities remain the same, and Stockholders' Equity goes up. Assets go up, Liabilities remain the same, and Stockholders' Equity goes up. Assets go down, Liabilities go down, and Stockholders' Equity remains the same. A business purchases a computer for cash. What effect does this have on the accounting equation Assets go up and Liabilities go down. Stockholders' Equity and Assets go up. Stockholders' Equity and Liabilities go up. There is no change in Total Assets