Presented below are the selected list of events and transactions occurred during the year 2019 for a business.

1. If the assets owned by a business total $ 100,000 and liabilities total $ 65,000, stockholders equity totals $ 25,000. 2. Explanatory notes and supporting schedules are an optional part of an annual report. 3. For information to be useful, it must be both relevant and faithfully representative. 4. The periodicity assumption states that the business will remain in operation for the foreseeable future. 5. A debit to an account always indicates an increase in that account. 6. Unearned service revenue is classified as a liability on the balance sheet. 7. Adjusting entries are recorded in the general journal but are not posted to the accounts in the general ledger 8. The purchase of an asset on account increases assets and decreases equity 9. Transactions are entered in the ledger accounts and then transferred to journals. 10. The rules for debit and credit and the no$ al balance of share capitalordinary are the same as for assets.

Required: 1) Indicate whether the above statement is TRUE or FALSE. 2) Correct the False Statement