If a company purchases $2,000 of supplies on account, it will increase the Accounts Receivables by $2,000 and increase Asset (Supplies) by $2,000 * True False 1 Retained earnings statement presents the revenues and expenses and 1 resulting net income or net loss for a specific period of time. * True False If a company pays a dividend of $1,700 1 to its owners, it will decrease Assets by $1,700 and decrease Equity by $1,700* True False