Question 1 1.25 pts The process that begins with the analysis of transactions and ends with preparing the accounting records for the next accounting period is called the accounting cycle. True False Question 2 1.25 pts The effect of every transaction is an increase or a decrease in one or more of the accounting equation elements. True False Question 3 1.25 pts Yuan Corporation purchased office supplies on account. What is the effect of this transaction? Total assets and total liabilities will increase. Cash flow from financing activities will decrease. Total assets will increase and shareholders' equity will decrease. Cash will decrease and office equipment will increase. Question 4 1.25 pts Buying equipment for cash affects which account/accounts? Cash only Equipment and retained earnings Cash and equipment Retained earnings only Question 5 1.25 pts In September, Breanna George received cash for design services to be performed in October. How would Breanna Record the transaction? b. Debit Cash, Credit Unearned Revenue a. Debit Cash, Credit Revenue d. Debit Unearned Revenue, Credit Cash c. Debit Revenue, Credit Cash