According to the expanded accounting equation, a company has recorded $109,000 of Assets, $49,500 of Liabilities, $47,500 of Owners' Equity, $24,000 of Revenue, and $4,000 of Owners' Withdrawal. The Expenses incurred by the company for this accounting period is $7,000. * True False The accounting process includes summarizing, analyzing, and reporting the financial transactions pertaining to a business to oversight agencies, regulators, and tax collection entities. * True False When someone invests $20,000 in a new business, this amount will be debited in Cash Account and Credited in the Personal Liability section in the company's book of accounts. * True False