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and thus one answered

(continued from the previous question) The journal entries recorded by Larson on 4/30/20.... Increase both assets and liabilities Reduce both assets and liabilities Do not change the total balance of Larson's assets Cause a change in Larson' net income for the year 2020 Cause a change in Larson's inventory balance On 3/1/20, the Larson Company, a large retailer, purchases merchandise from a supplier for $40,000, delivered the same day. At the time the merchandise is purchased, Larson has not found a customer for it yet, and its managers cannot be 100% sure they ever will. Larson pays 10% of the purchase price on the day of delivery. The remaining portion of the purchase price is paid on 4/30/20. On 5/15/20, a customer buys and receives from Larson half of the merchandise that Larson bought on 3/1/20. The customer agrees to pay $45,000 in total: half paid on 5/15/20, half paid three months later on 8/15/20. On 3/1/20, Larson debits an income statement account for... $4,000 $36,000 $40,000 No income statement account is debited on 3/1/20 (continued from the previous question) Which of the following statements are true about the journal entries recorded by Larson? (select all that apply - i.e. just one or as many as all of them) on 5/15/20, an income statement account is debited for 20,000 The journal entries recorded on 5/15/20 cause total assets to increase by $2,500 The journal entries recorded on 5/15/20 cause total assets to increase by $25,000 A balance sheet account is credited for $20,000 on 5/15/20 An income statement account is debited for $22,500 on 5/15/20 An income statement account is credited for $22,500 on 5/15/20 An income statement account is credited for $45,000 on 5/15/20 An income statement account is credited for $22.500 on 8/15/20 The journal entries recorded on 8/15/20 cause no change in total assets The journal entries recorded on 5/15/20 cause no change in total liabilities