The accounting process includes summarizing, analyzing, and reporting the financial transactions pertaining to a business to oversight agencies, regulators, and tax collection entities.* True False At the end of the accounting period, the company makes the accounts ready for the next period by closing the nominal accounts and maintaining the real accounts. True False The information provided by the Retained Earnings statement indicates the reasons why retained earnings increased or decreased during the period. If there is a net loss, it is deducted with dividends in the retained earnings statement. * True False If a company receives an invoice of $8,560 from a vendor for the purchase of a second-hand pickup truck, due next week, it will debit one of its current assets account by $8,560 and credit Accounts Payable by $8,560.* True False The double-entry system states that each transaction must affect at least two accounts to keep the basic accounting equation in balance and the recording must consist of at least one debit and one credit account, where the debited amount must be equal to the credited amount. * True False If a company purchases $9,500 of supplies on credit, it will debit Accounts Receivables by $9,500 and Credit Supplies by $9,500. * True False If a company receives $24,000 cash from a customer against a consulting service, it will debit Cash $24,000 and Credit Service Revenue by $24,000. * True False According to the expanded accounting equation, a company has recorded $109,000 of Assets, $49,500 of Liabilities, $47,500 of Owners' Equity, $24,000 of Revenue, and $4,000 of Owners' Withdrawal. The Expenses incurred by the company for this accounting period is $7,000. True False