4) A summary of the financial situation for a business at a point in time, such as at the end of an accounting period, is a (an) a. balance sheet b. income statement c. cash flow statement d. statement of owner's equity 5) 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