Problem 5/1 Specify whether each of the following statements is true (T) or false (F). .1. A business transaction is initially recorded in the general ledger. 2. Posting is the process of entering a transaction in a journal. 3. In a periodic inventory system, purchases of storeroom food inventory are recorded in an account called Food Inventory. 4. The account Cost of Food Sales is found in the periodic inventory system. 5. Inventory is an expense account. 6. The equity accounts for a proprietorship are Capital and Withdrawals. 7. Sales is a revenue account. i 8. Cost of Sales is an expense account under the perpetual inventory accounting method 9. Purchases is an expense account under the periodic inventory accounting method. 10. Prepaid Expense is an asset account