An income statement（）
A. summarizes the changes in equity for a specific period of time
B. reports the changes in assets, liabilities, and equity over a period of time
C. reports the assets, liabilities, and equity at a specific date
D. presents the revenues and expenses for a specific period of time
Delta Company owes Franco Company $500 on account. When Delta pays the debt, the transaction recorded on Franco’s books will（）
A. increase an asset $500 and decreases an asset $500
B. increase an asset $500 and decrease a liability $500
C. decrease a liability $500 and increase equity $500
D. decrease an asset $500 and decrease a liability $500
If Carmine Company purchases goods on account for $4,000, then（）
A. assets and liabilities both decrease by $4,000
B. equity increases by $4,000
C. assets increase by $4,000 and liabilities decrease by $4,000
D. assets and liabilities both increase by $4,000
Credits（）
A. decrease both assets and liabilities
B. decrease assets and increase liabilities
C. increase both assets and liabilities
D. increase assets and decrease liabilities
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