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32. How would the following transaction affect the balances of assets, liabilities, and equity? Buying equipment on account Assets Liabilities Equity A) Increase Increase No change B) Increase No change Increase C) Decrease D) Decrease Decrease No change No Change Decrease 33. Beginning Inventory is $22,000; Purchases are $9,000; Ending Inventory is $2,000; and Income is $33,200. How much is Goods Available for Sale? A) $ 4,200 B) $ 9,200 C) $31,000 D) $62,200 34. Adjusting entries are necessary A) to correct estimates made in prior accounting periods. B) to transfer the balances in the temporary accounts into the capital account. C) to bring certain account balances up to date to reflect the accrual of revenues and expenses. D) to create problems for accounting students