11. What is the basic accounting equation? 12. a. Define the terms assets, liabilities, and stockholders' equity. b. What items affect stockholders' equity? 13. Which of the following items are liabilities of jewelry stores? f. Equipment. a. Cash. b. Accounts payable. g. Salaries and wages payable. c. Dividends. d. Accounts receivable h. Service revenue. i. Rent expense. e. Supplies. 14. Can a business enter into a transaction in which only the left side of the basic accounting equation is affected? If so, give an example. 15. Are the following events recorded in the accounting records? Explain your answer in each case. a. The president of the company dies. b.Supplies are purchased on account. c. An employee is fired