8) On which financial statement would you find the ending Capital balance? A) Income statement B) Statement of owner's equity C) Balance Sheet D) Both B and C are correct. 9) A contra-asset is A) an account that increases the asset. B) an asset with a debit balance. C) an account with an opposite balance of a normal asset. D) in reality a liability. 10) Prepaid Rent is considered to be a(n) A) revenue. B) liability. C) contra-asset. D) asset. 11) Post the following transactions to the ledger of Lanny Company. The partial chart of accounts of Lanny Company is as follows: 111 Cash 121 Equipment 211 Accounts Payable 311 Lanny, Capital