Which of the following statements describe transactions that would be recorded in the accounting system? a. An exchange of an asset for a promise to pay. b. An exchange of a promise for another promise. c. Both of the above. d. None of the above. Total assets on a balance sheet prepared on any date must agree with which of the following? a. The sum of total liabilities and net income as shown on the income statement. b. The sum of total liabilities and owner's equity. c. The sum of total liabilities and cash. d. The sum of total liabilities, owner's equity, and net income