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16) Double-entry accounting is: A. An accounting system that disregards the accounting equation, A B. An accounting system that C. D. An accounting system in which the sum of the debit account balances never E. records the effects of transactions and other events in at least two accounts with equal debits and credits An accounting system in which cach transaction affects and is recorded in two o with unequal debits and equal credits. equals the sum of the credit account balances An accounting system in which erroes never occur 17) A debit entry: A. Increases asset and expense accounts. B. Decreases liability and equity accounts. C. Increases the owner's withdrawals account. D. Decreases revenue accounts. E. All of these answers are correct. 18) A credit entry: Increases asset and expense accounts, or decreases liability, equity, B. A. and revenue accounts. Is recorded on the left side of a T-account. C. Decreases asset and expense accounts, or increases liability, equity, and revenue accounts D. Decreases asset, expense and revenue accounts. E. Increases the withdrawals account. id $10,000 in cash for weekly employee salaries. What is the effect of this economic event on the accounting equation? A. Decrease in assets by $10,000 and decrease in equity by $10,000 B. Decrease in assets by $10,000 and increase in equity by $10,000 C. Increase in assets by $10,000 and increase in liabilities by $10,000 D. Decrease in assets by $10,000 and decrease in liabilities by $10,000 E. None of the above 20) TMC Inc. sold 500 of its common shares to several investors for cash of $25,000. What is the effect of this economic event on the accounting equation? A. Decrease in shareholder's equity by $25,000 and increase in assets by $25,000 B. Increase in shareholder's equity by $25,000 and increase in liabilities by $25,000 C. Increase in shareholder's equity by $25,000 and increase in assets by $25,000 D. Increase in shareholder's equity by $25,000 and decrease in liabilities by $25,000 E. None of these answers are correct