Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000 125,000 45,000 10,000 5,000 20,000 Owner's Drawings Supplies Accounts payable Misra's assets on December 31, 2011 are A) $90,000. B) $125,000. C) $180,000. D) $245,000. 9. A credit is not the normal balance for which account listed below? A) Capital account B) Revenue account C) Liability account D) Drawings account 10. If a business has received cash inr advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be A) debit Unearned Revenue and credit Cash. B) debit Unearned Revenue and credit Service Revenue. C) debit Unearned Revenue and credit Prepaid Expense. D) debit Unearned Revenue and credit. Accounts Receivable