Question 1 If stock is issued, what is the debit for the transaction? Owners' equity Labtes Cash Stack Question 2 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? cand cred accounts payable accounts receivable Question 3 What is the difference between liabilities and owners' equity? owners' equity is really the same as liabilities labilities are claims by non-owners Oliabilities are increased with debits, while murers' nequity is increased with credits Oily we claims by ran-owners Question 4 Which of the following is correct about the accounting cycle? the income statement should be prepared before closing entries none of the answers is correct adjusting entries happen as the very last step in the process the general ledger shows transactions in chronological order 2.5 pts 2.5 pts 2.5 pts 2.5 pts