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Summarize and report the transaction periodically Record the transaction in the proper accounts Calculate the account balance A transaction occurs These steps usually occur in what sequence a. 3.2, 4.1 b. 4.1, 3.2 c. 2.4, 3.1 d. 4.2, 3.1 Compton company received a bank loan for $ 25000. Which of the following statement true? a. The cash account would be debited for $25,000 b. Liabilities would be decreased by S 25.000 c. The bank loan was an operating activities d. Assets would decrease while liabilities decreases Which of the following liabilities will require a company to provide goods and service in the future rather than cash? a. Wages payable b. Unearned revenue c. Accounts payable d. None of the above Fred's auto body purchased equipment costing $100,000. Of this, $40,000 was paid in cash and balance is due in six month. Recording this event would have what effect on firm's accounting system? a. Total assets would increase $ 60.000 b. Total assets would increase 100.000 c. Account payable would increase $100,000 d. Expense would increase by $40,000 The income statement show amount for: a. Revenues, expenses, losses, and liabilities b. Revenues, expenses, gains, and market value per share. c. Revenue, assets, gains, and losses d. Revenue, gains, losses, and per share