8. The Bowen Company's books for 2019 show Commissions Earned, $120,000, total expenses, S8000, received during the year, S150,000. The company's net income for 2019 is a. $70,000 b. $60,000 c. S50,000 $40,000 9. Mr. King placed an advertisement in a newspaper for $400, payment to be made in 20 days. He should: a. debit advertising expense and credit cash. debit advertising expense and credit accounts payable. c. debit advertising revenue and credit accounts payable. d. debit accounts receivable and credit advertising revenue. 10. Mr. Lee withdrew S900 from his business for his personal use. He should: a. debit Lee, capital, and credit cash. debit Lee, drawing, and credit cash. c. debit personal expense and credit cash. d. debit accounts receivable and credit cash. 11. The bottom figure on the income statement for a single proprietorship is net income, this same figure mus be also shown on the a. balance sheet. statement of owner's equity. c. schedule of accounts receivable. d. schedule of accounts payable 12. Purchase of a delivery truck on account is recorded as a a. debit to an asset and a credit to an cquity account. b. debit to an expense and a credit to a liability. c. dcbit to an expense and a credit to an equity account. Hebit to an asset and a credit to a liability. 13. The Mortgage Payable account is a real account. b. a nominal account. c. not backed up by a written promissory note. d. an asset account since it issued for an asset. 14. The Electricity and Water Expense account is a a. real account nominal account c. revenue account d. liability account 15. Revenue accounts should be shown in the a. statement of owner's equity. b. statement of owner's equity and income statement. income statement d. income statement and balance sheet