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7. An example of an economic exchange includes: a. b. C. d. a business owner purchases inventory on credit a dry cleaning business cleans 3 dresses for a customer an insurance agent sells a whole life policy a contractor purchases a new truck for cash all of the above e. 8. If a company has owner's equity of $100,000, a. b. C. d. assets minus liabilities equal $100,000 total assets must equal $100,000 net income for the past year was $100,000 a total of $100,000 was invested by the owner none of the above e. 9. Providing services on account for $40,000 would: c. d increase cash $40,000, decrease accounts receivable $40,000 increase accounts receivable $40,000, increase owner's equity S40,000 decrease accounts receivable $40,000, decrease owner's equity $40,000 increase accounts receivable $40,000, decrease owner's equity S40,000 none of the abover c. Joseph Farbes is the owner of his own business. On December 31, Forbes' assets, liabilities revenues and expenses were: Insurance Expenses $3,000 Miscellaneous Expenses 900 Rent Expenses 2,500 Salaries Expense 19,000 Equipment Services Performed 45,000 Accounts Payable $4,000 Accounts Receivable 5,000 Cash 14,000 11,000 Supplied Rapene 1,200 Notes Payablo 4,600 Supplies on hand 700 10. On December 31, total assets are equal to: b. c. $25,700 d. $19,700 $22,100 $30,700 none of the above