Full Book jo to pg. 53 TOC AA @ financial plans and statements. Today, 5:5 A-Z 6 Today, 7:10 tonce 2. Preparing financial statements. Hugo LO2 Garcia is preparing LO3 his balance sheet and income and expense statement for the year ending December 31, 2020. He is having difficulty classifying six items and sks for your help. Which, if any, of the following transactions are assets, liabilities, income, or expense items? a. Hugo rents a house for $1,350 a month. b. On June 21, 2020 Hugo bought diamond earrings for his wife and charged them using his Visa card. The earrings cost $900, but he hasn't yet received the bill. c. Hugo borrowed $3,500 from 2 3