An income statement

a. summarizes the changes in retained earnings for a specific period of time.

b. reports the changes in assets, liabilities, and stockholders equity over a period of time.

c. reports the assets, liabilities, and stockholders equity at a specific date.

d. presents the revenues and expenses for a specific period of time.

Paid advertising expenses. How it will affect Assets?

a. Increase

b. Decrease

c. No Effect

Which term is associated with right or right-side?

a. Debit

b. Credit