Please answer all questions or don't answer at all.

16. When an asset is purchased on credit, which of the following is true? a Total assets decrease and total abilities increase. . Total assets and total liabilities increase MBA Few Eam Fall 2001 Dr. The Total assets increase and total Habilities decrease . Total assets and total liabilities remain the same 17. Atrial balance proves that the accounts are in balance and that no errors were made. True False 18 The process of transferring transactions to the ledger after they have been entered in the journal is referred to as Recogniting Journaling c Classifying d Posting