6. Which of the following is not a true statement about the accounting equation and its elements? (Points: 3) The accounting equation is Assets = Liabilities - Owners' Equity. Assets are the resources a business possesses. Liabilities represent debts of a business. Examples of assets are cash, land, buildings, and equipment. Owners' equity are the rights of the owners. 7. How does the rendering of services on account affect the accounting equation? (Points: 3) assets increase; owner's equity increases assets decrease; owner's equity decrease assets increase; owner's equity decreases liabilities increase; owner's equity decreases 8. A credit balance in which of the following accounts would indicate a likely error? (Points: 3) Fees Earned Salary Expense Janet James, Capital Accounts Payable 9. Which of the following entries records the payment of an account payable? (Points: 3) debit Cash; credit Accounts Payable debit Accounts Receivable; credit Cash debit Cash; credit Supplies Expense debit Accounts Payable; credit Cash 10. Randomly listed below are the steps for preparing a trial balance: (1.) Verify that the total of the Debit column equals the total of the Credit column. (2.) List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance. (3.) List the name of the company, the title of the trial balance, and the date the trial balance is prepared. (4.) Total the Debit and Credit columns of the trial balance. (Points: 3) (3), (2), (4), (1) (2), (3), (4), (1) (3), (2), (1), (4) (4), (3), (2), (1)