Question 1: (5 marks) to asset accounts, increases in liabilities are 1- Increases in assets are to liability account. 2- Fast Forward purchased $25,000 of equipment for cash. The Equipment asset account is for $25,000 and the cash account is for $25,000. 3- The posting process is the link between the and the 4- The excess of expenses over revenues for a period is 5- If the liabilities of a business increased $75,000 during a period of time and the owner's equity in the business decreased $30,000 during the same period, the assets of the business must have 6- If the liabilities of a company increased $74,000 during a period of time and equity in the company decreased $19,000 during the same period, what was the effect on the assets? 7- The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called 8- A financial statement providing information that helps users understand a company's financial status, and which lists the types and amounts of assets, liabilities, and equity as of a specific date, is called a(n): 9- If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have 10-Determine the net income of a company for which the following information is available for the month of May. Salaries expense: $ 180,000 Interest expense: 10,000 Rent expense: 20,000 Consulting revenue: 400,000