4. Griffin, Inc. receives an electricity bill for September that will be paid in October. Utilities expense will be debited in October when the bill is paid.

true or false

8. Fashions by Francine bought a new sewing machine for $1,200. Francine paid $400 as a cash down payment and will pay the balance in 20 days. Total assets increased by $800.

true or false

An expense is reported on the income statement when an owner withdraws cash for personal use.

true or false