6 The property that a business owns is referred to as its assets Oliabilities O owner's equity capital Question 7 1 pts The account used to record amounts that will be collected from charge account customers in the future is referred to as O accounts payable accounts receivable O merchandise inventory O withdrawals Question 13 When equipment is purchased on credit, assets and liabilities increase. O assets increase and liabilities decrease. assets and owner's equity increase. assets and expenses increase