PART I: TRUE OR FALSE (10 Points): Indicate the best answer by entering "T" or "F" on the answer sheet. 1) The Balance Sheet shows a company's net income over time. 2) As a general rule, revenues should not be recognized when earned, but rather when cash is received. 3) Owner's withdrawals always decrease Equity. 4) Debits recorded in a journal are always posted as debits in the ledger. _5) Financial Statements are prepared after the books are closed for the accounting period