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7. The Owner's Equity of Logan's Company is equal to one-quarter of the total assets. Liabilities equal $60,000. What is the amount of Owner's Equity? a. $40,000 b. $20,000 c. $30,000 d. None of the above. 8. Assets are equal to: a. liabilities + owner's equity b. liabilities- owner's equity c. liabilities revenues d. revenues -expenses 9. A compound entry is a. a transaction involving more than one debit and/or credit b. used to prepare the trial balance c. the same as the chart of accounts d. found on the income statement 10. A formal account that has columns for date, explanation, post reference, debit, and credit is called the: a. T account b. standard account form c. ledger d. chart of accounts 11. A ledger: a. is a group of accounts and their balances b. can replace the financial statements c. is the same as a chart of accounts d. None of the above. 12. The left side of any account is the: a. debit side b. credit side c. ending balance d. footings