I ACC 171 A81 Midterm Review 1. As of December 31, Jones Company has assets of $10,200 and owner's equity of $8,600. What are the liabilities for Jones Company as of December 317 2. Which of the following is not a step in the accounting process? a. Investigating b. Identifying c. Recording d. Classifying 3. Which of the following is not recorded in the books of accounts? a. Performed service on account. b. Paid rent expense for the month, Resignation of the CEO d. Owner withdrew cash for personal use 4 Credit entry a increases both revenue and owner's capital account. b. Decreases revenue and increases owner's capital account. c. Decreases both revenue and owner's capital account. d increases revenue and decreases owner's capital account Asset accounts: Debit entry increase asset account: Credit entry decreases asset account: Liability Account: Debit entry decreases liability accounts, Credit increase ability account Owner's Equity Account: Debit entry decreases owner's equity account Credit etry increase owner's capital account Assets -Liability. Owner's equity