1) How should a framer using the accrual double-entry accounting system record a transaction involving a purchase of gasoline on credit? a. The transaction should not be recorded since it has not been paid yet. b. The transaction should be recorded as a liability and no other entry should be made. c. The transaction should be recorded as an expense and no other entry should be made. d. The transaction should be recorded as an expense and also a liability. 2) of the following, which is the most liquid asset? a. growing wheat b. balance in checking account c. marketable securities d. cash on hand 3) In accrual accounting, expenses are matchedywith the generation of revenues in order to determine net income for an accounting period. This is the a. discretionary principle b. qualified principle c. matching principle d. allowance principle e. single-entry principle