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1. The primary purpose of a trial balance is to prove the mathematical equality of the debits and credits after posting
A.True
B. False
2.
Use the following information to calculate for the year ended December 31, 2016
Supplies $ 3,000 Revenues $25,000
Operating expenses 11,000 Cash 15,000
Accounts payable 9,000 Drawings 1,000
Accounts receivable 3,000 Notes payable 2,000
Beginning Capital 5,000 Equipment 8,000
Net income? (___________)
Answer & Explanation
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