6)Purchasing office supplies for cash would: A)decrease owner’s equity B)increase total assets C)have no effect on owner’s equity D)decrease liabilities 7)The amount owed by an entity when it makes a purchase on account is termed a(n): A) expense B)accounts payable C)note receivable d)accounts receivable 8)A written promise for future collections of cash is a: A)revenue B)account receivable C)note receivable D)owner withdrawal 9)The relevant measure of value of the assets of a company that is going out of [tag]business[/tag] is their: A)current market value B)book value C)historical cost D)higher of historical cost or current market value