Answer the following Multiple Choice Questions: 11. The Accounting Equation is: a. Assets = Liabilities - Equity b. Assets = Liabilities + Equity c. Liabilities = Assets + Equity d. Equity 2 Assets + Liabilities 12. The Steps of the Transaction Recording Process: a. Posting to Ledger >> Journal Entry >> Prepare the Trial Balance >> Prepare the Financial Statements b. Journal Entry >> Posting to Ledger >> Prepare the Trial Balance >> Prepare the Financial Statements c. Prepare the Financial Statements >> Posting to Ledger >> Prepare the Trial Balance >> Journal Entry d. Prepare the Trial Balance >> Journal Entry >> Posting to Ledger >> Prepare the Financial Statements 13. When a business paid $200,000 cash for land. a. Debit Cash and Credit Land b. Debit Land and Credit Cash 0. Debit Land and Credit AP d. Debit Land and Credit AR