Which statement regarding Equity is true? Select one: O a. It is decreased by net profit O b. None of the above O c. It is fixed at the amount initially contributed by the owner O d. It is the claim on the net assets of the entity NATION Which of the following accounts has a debit balance? Select one: a. Owner's Capital b. Prepaid Insurance o c. Rent Revenue d. Accounts Payable The payment of a liability Select one: O a. increases assets and decreases liabilities. O b. None of the above c. decreases assets and liabilities. O d. decreases assets and increases liabilities