Label each of the following statements as true or false. Explain the reasoning under¬

lying your answer and give an example of a transaction which supports your posi¬ tion. LO8 a Every transaction that affects a balance sheet account also affects an income statement account.

b Every transaction that affects an income statement account also affects a balance sheet account.

c Every transaction that affects an expense account also affects an asset account, d Every transaction that affects a revenue account also affects another income statement account.

e Every transaction that affects an expense account also affects a revenue account.