13) A business provides services to a customer for $26,000 on account. Which of the following accounts will be credited? a. Cash b. Accounts Receivable c. Service Revenue d. Bank 14) A debt that a business owes to an outside party is called a. an asset. b. a liability. c. stockholders' equity. d. revenue. 15) Which of the following is the correct accounting equation? a. Assets Liabilities - Equity b. Assets Liabilities + Equity c. Assets + Revenues d. Assets + Revenues Equity Liabilities Expenses 16) Scott's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no additional capital contributions during the year. but did make withdrawals of $60,000. Calculate Scott's net income for year. a. $50,000 b. $120,000 c. $70,000 d. $80,000 17) Scott's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no additional capital contributions during the year, but did make withdrawals of $60,000. What is the amount of owner's equity at the end of the year? a. $70,000 b. $120,000 c. $30,000 d. $60,000