Assets created by selling goods and services on credit are: A) Liabilities. B) Accounts payable. C) Equity. D) Accounts receivable E) Expenses. A bookkeeper has debited an account for $3,500 and credited a liability account for 33) $2,000. Which of the following would be an incorrect way to complete the recording of this transaction: A) Credit an expense account for $1,500. B) Credit another asset account for $1,500. C) Credit the common stock account for $1,500 D) Debit another asset account for $1,500. E) Credit another liability account for $1,500. The broad principle that requires expenses to be reported in the same period as the 34) revenues that were earned as a result of the expenses is the: A) Cost principle. B) Time period principle. C) Recognition principle D) Expense recognition (Matching) principle E) Cash basis of accounting. 35) A balance sheet lists: A) The types and amounts of assets, liabilities, and equity of a business as of a specific date. B) The inflows and outflows of cash during the period. C) The assets and liabilities of a company but not the retained earnings. D) The types and amounts of the revenues and expenses of a business. E) Only the information about what happened to equity during a time period. LSE. Write T' if the statement is true and 'F' if the statement is false. Revenues are increases in equity from a company's sales of products and services to 36)_ customers. The statement of cash flows identifies cash flows separated into operating, investing, 37) and financing activities over a period of time