C State whether the following statements are TRUE (T) or FALSE (F) (10 marks=l mark each) 1. The first step in the recording process is to prepare financial statements. 2. The recording process occurs once a year. 3. A journal provides the balances for each account. 4. When three or more accounts are required in one journal entry, the entry is referred to as compound entry. 5. A complete journal entry does not show the new balance in the accounts affected by the transaction 6. The entire group of accounts maintained by a company is called the Journal. 7. Management could determine the amounts due from customers by examining Accounts Receivable account. 8. Robitaille Company received a cash advance of $500 from a customer. As a result of this event, assets will be increased by $500. 9. Pastorek Company purchased equipment for $1,800 cash. As a result of this event, equity will be decreased by $1,800. 10. Root Company provided consulting services and billed the client $2,500. As a result of this event, assets are remained unchanged