Answer: 1. are properties or things of value owneff and controlled by a 1. Increase Supplies and decrease Cash. 2. Increase Supplies Expense and increase Accounts Payable. business entity. Answer: 3. Increase Supplies Expense and increase Accounts Receivable. 1. Liabilities 4. Increase Supplies and increase Accounts Payable. 2. Owner's Equity 3. Assets 4. None of the above 2. Parish Tutoring Services has assets of $25,000 and liabilities of $10,000. What is the amount of owner's equity? Answer: 1. $35.000 2. $15.000 3. $12.500 4. $10.000 3. Which of the following accounts would increase owner's equity? Answer: 1. Cash 2. Accounts Payable 3. Accounts Recelvable 4. Income from Tutoring 4. Which of the following statements is true? Answer: 1. Every transaction is recorded as an increase and/or decrease in only one account. 2. One side of the equation does not need to equal the other side of the equation. 3. Double-entry accounting is demonstrated by the fact that each transaction must be recorded in at least two accounts. 4. When a business earns revenue, owner's equity decreases. 5. M. Parish purchased supplies on credit. What is the impact on the accounting equation