A journal does all of the following except: O summarizes all of the transactions that affect one account. O records all purchases and sales of assets of a company. O records each day's transactions. O records all the revenues and expenses of a company. In April, Pizza Aroma hired a new employee at a rate of $1,000 per month to start work at the beginning of May. In April, Pizza Aroma should record: O nothing, because an exchange of promises is not a transaction 0 a $1,000 increase to Prepaid wages and a $1,000 decrease to Cash 0 a $1,000 increase to Wage expense and a $1.000 decrease to Cash 0 a $1,000 increase in Wages Payable and a $1.000 increase in Wages Expense. Which of the following statements about the income statement and income statement accounts is correct? The income statement reports the financial position of a company at a point in time. O The balance sheet reports financial activities only for the current accounting period. O Income statement accounts are temporary accounts, while balance sheet accounts are permanent accounts O The income statement reports the cash received and paid during the period