3. What is the expanded accounting equation? 4. In sole proprietorships, there are four parts of owner's equity. List and define each part. Provide an example of each part. a. b. C. d. I 5. Revenues and expenses determine if a net income or net loss occurs as follows: a. Revenues> Expenses = b. Revenues < Expenses = Learning Objective 4: Analyzing Business Transactions 1. List the steps of the accounting cycle