If stock is issued, what is the debit for the transaction? Liabilities Stock Cash Owners' equity Question 2 2.5pt Assume ABC Co. sold $10,000 worth of t-shirts on credit. When the customer pays cash for the t-shirts, what is the credit to record the payment? accounts payable cash accounts receivable credit What is the difference between liabilities and owners' equity? liabilities are increased with debits, while owners' equity is increased with credits liabilities are claims by non-owners owners' equity is really the same as liabilities owners' equity are claims by non-owners Question 4 2.5 pts Which of the following is correct about the accounting cycle? none of the answers is correct the income statement should be prepared before closing entries the general ledger shows transactions in chronological order adjusting entries happen as the very last step in the process