For each transaction recorded in an accounting system, which of the following must be true? Total Debits = Total Credits Assets - Liabilities - Owners' equity Net income on the income statement - Cash on the balance sheet. Revenues - expenses Retained earnings. Question 22 3 pts The account that represents amounts owed by a company to suppliers from whom it has purchased goods on credit is a(n): Asset Liability Revenue Expense Question 23 3 pts Which of the following is the correct end-of-period adjusting entry to record the cost of supplies used during a period? Debit Supplies Expense and Credit Retained Earnings