Question: Select the TRUE statement. A. Assets, liabilities and shareholders' equity are on the income statement. B. Credits to expenses and debits to revenues always

Select the TRUE statement. A. Assets, liabilities and shareholders' equity are on

Select the TRUE statement. A. Assets, liabilities and shareholders' equity are on the income statement. B. Credits to expenses and debits to revenues always represent increases. C. Debits to assets and credits to liabilities always represent increases. D. Net income is closed through a debit to retained earnings. E. Revenues and expenses are found on the balance sheet

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