Which of the following is not an asset? a. Cash b. Land c. Mortgage Payable d. Patents Which financial statement illustrates the accounting equation? a. Statement of Owner's Equity b. Income Statement c. Balance Sheet d. Statement of Cash Flows a. c. Select the accounts affected by the following transaction: TJ Rex uses credit to buy musical instruments to sell in the store. Assets and Owner's Equity b. Assets and Liabilities Liabilities and Owner's Equity d. Capital and Owner's Equity Which of the following is reported on the balance sheet? a. Accounts Payable b. Fees Earned c. Depreciation Expense d. Withdrawals What are the functions of accounting