On January 14, Franco Industries purchased supplies of $500 on account. The entry to record the purchase will include（）
A. a debit to supplies and a credit to accounts payable
B. a debit to supplies and a credit to accounts receivable
C. a debit to supplies and a credit to cash
D. a debit to accounts payable and a credit to supplies
查看答案
An account（）
A. is a record of increases and decreases to a specific item
B. consists of two parts
C. is where transactions are originally recorded
D. always has a debit balance
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
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