A. Only statement I is correct B. Only statement II is correct C.Both I and II are correct D.Neither I nor II is correct 01.) I. Purchase of equipment on account will result to increase in liability. II. Posting is the process of recording transactions in a journal. 02.)I. General Journal is known as the book of final entry. II. Trial balance assists in the identification and rectification of errors. 03.) I. The trial balance can reveal errors that caused the total debits and total credits to be unequal. II. Trial balance cannot reveal errors like omitting entirely the entry for a transaction. 04.)I. Nominal accounts include assets, liabilities and equity accounts. II. Payment of Meralco bills will result to a decrease in cash