gves the correct sequence of accounting procedure A) financial statements, trial baiance, ledger, journa B) journal, ledger, trial balance, financial statemeris ) ledger, trial balance journal, financial statements D) financial statements, journal, ledger, trial balance 12. Which of the following transactions does not affect owner's equity? A) the owner invested cash into the business B) the owner withdrew cash from the business C) the business earned revenue D) the business received cash collections from amounts owed by customers 13. Which of the following accounts is NOT a liability? A) mortgage payable B) accounts payable C) unearned revenue D) all of the above are liabilties 14. Investments increase owner's equity Drawings owners equity A) increase B) decrease C) either decrease or increase D) have no effect on 15 Paying off a $10.000 notes payable with cash has what effect on a firm's owner's A) increase B) decrease C) no effect D) removal 16. Assets less liabilties is equal to A) Net income B) Net increase in Equity C) Owner's Equity D) Property, Plant, and Equipment 17. Revenues would NOT resuit from A) sale of merchandise B) initial investment of cash by owner C) performance of services D) rental of property 18. A net loss will result during a time period when A) liabilities exceed assets B) drawings exceed investments C) expenses exceed revenues D) revenues exceed expenses