Use this financial statement to answer the following question: ...

[azncindy619]

Use this financial statement to answer the following question:
 
  Cash  3,000 Liabilities  2,500
  Accounts receivable 2,000
  Inventory A Common stock B
  Supplies 1,000 Retained earnings 500
  Total 10,000 Total C
 
  This business must be organized as a ________.
  A) sole proprietorship
  B) partnership
  C) corporation
  D) Two of these are possible.

Question 2

The ___________________ _ is prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.
 Fill in the blank(s) with correct word

[nickk12214]

Answer to Question 1

C

Answer to Question 2

post-closing trial balance

[azncindy619]

YES! Correct, THANKS for helping me on my review

[sultansheikh]

Great answer, keep it coming