10. General accounting focuses on collecting and ledgering financial events for a business or FALSE organization, such as a charity, school, or government agency. TRUE 11. Owner's Equity decreases when revenues are earned. TRUE 12. Tami's Perfect Homes just recorded a transaction in its books. If this transaction increased total FALSE liabilities by $16,100, then: A) assets must decrease by $16,100 B) either assets or equity must decrease by $16,100 C) assets must increase, or equity must decrease by $16,100 D) both assets and equity must each decrease by $8,050 13. Gabby's Law Offices had the following transactions in January: Earned $22,000 of revenues on account; collected $5,000 from Brian for services provided last month; incurred $1,000 in repair expense and paid cash; paid $600 for rent owed from the previous month. What is Gabby's Law Offices January net income? A) $21,000 B) $25,400 C) $20,400 D) $3,400 14. For the accounting equation to balance, a transaction must affect both sides of the equation. TRUE FALSE