Mies, and oily at a Sped of time 8. Which of the following events is not a business transaction? a. Investment of cash by the owner. b. Hired employees. C. Incurred utility expenses for the month. d. Earned revenue for services provided. 9. A balance sheet shows a. revenues, liabilities, and owner's equity. b. expenses, drawings, and owner's equity. C. revenues, expenses, and drawings. d. assets, liabilities, and owner's equity. 10. An income statement a. summarizes the changes in owner's equity for a specific period of time. b. reports the changes in assets, liabilities, and owner's equity over a period of time. c. reports the assets. liabilities, and owner's equity at a specific date, d. presents the revenues and expenses for a specific period of time. The left side of an account is a. blank. b. a description of the account. c. the debit side. d. the balance of the account. 12. Which one of the following is not a part of an account? a. Credit side b. Trial balance c. Debit side d. Title 13. Credits a. decrease both assets and liabilities. b. decrease assets and increase liabilities. c. increase both assets and liabilities. d. increase assets and decrease liabilities, 14. A debit to an asset account indicates a. an error b. a credit was made to a liability account. c. a decrease in the asset. d. an increase in the asset. 15 On January 14, Edamame Industries purchased supplies of $700 on account. The to record the purchase will include a. a debit to Supplies and a credit to Accounts Payable. b. a debit to Supplies Expense and a credit to Accounts Receivable. c. a debit to Supplies and a credit to Cash, d. a debit to Accounts Receivable and a credit to Supplies