PLLZZ FAST

State True and False: 1. Asset use transactions always involve the payment of cash. 2. Adjusting entries never affect a business's cash account 3. In the closing process, the amounts in temporary accounts are moved to net income, a permanent account. 4. An increase in expense may be accompanied by a decrease in liability. 5. The collection of an account receivable is a claims exchange transaction. 6. The amount of a company's liabilities is equal to (assets - equity)