..The end-of-period balance of the lane Rogers, Capital account appears on what statementco MAE Balance sheet only. ACo b.Income statement only. E c. Balance sheet and statement of owner's equity d. Statement of owner's equity only. 17.The purchase of an asset on credit a. increases assets and owner's equity. b. increases assets and liabilities. c. decreases assets and increases liabilities. d. leaves total assets unchanged. 18. The payment of a liability a. decreases assets and owner's equity. b. increases assets and decreases liabilities. c. decreases assets and increases liabilities. d. decreases assets and liabilities. 19. A business transaction is first recorded in the: a. chart of accounts b. journal c. ledger d. trial balance 20. Transaction amounts or balances are reflected in the: a. financial statements b. journal c. ledger d. trial balance e. all of the above 21. Which sequence of actions correctly summarizes the accounting process? a. Prepare a trial balance, jounalize transactions, post to the accounts b. Post to the accounts, journalize the transactions, post to the accounts c. Journalize transactions, post to the accounts, prepare a trial balance d. Journalize transactions, prepare a trial balance, post to the accounts 22. Which of the following accounts increase due to a credit? a. Cash b. Owner's capital c. Accounts payable d. Both b and c increase when credited 23. A business makes a cash payment of $12,000 to a creditor. Which of the e following occurs? a. Cash is credited for $12,000 b. Cash is debited for S12,000 c. Accounts payable is credited for $12,000 d. Both a and c a. b. c