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Paying an account payable increases liabilities and decreases assets. O a False O b. True Prepaid expenses are an example of an expense. O a. True O b. False Purchasing supplies on account increases liabilities and decreases assets. O a. False O b. True Receiving payments on an account receivable increases both equity and assets. O a False O b. True Sales Discounts is shown as a reduction of revenues from sales in the income statement. O a. False O b. True The accumulated depreciation account is closed to the income summary account. O a. True O b. False The drawing account is closed to the income summary account. O a. True O b. False The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements. O a False O b. True The Sales Discounts account is an expense account. O a. False O b. True The Sales Returns account is an expense account. O a. a. False O b. True The trial balance prepared after all the closing entries have been posted is called a post-closing trial balance. O a. False O b. True Transactions are initially entered into a record called a Journal. O a. True O b. False Unearned Revenues are an example of a liability. O a. True . O b. False When an accounts payable account is paid in cash, the owner's equity in the business decreases. O a. True O b. False Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue. O a. True O b. False