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Posting is the transfer of ledger information to the journal. ()

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An owner's capital account normally has a debit balance. ()

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The three common forms of business ownership include sole proprietorship, partnership, and non-profit. ()

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Suppose no beginning inventory, a company purchased and sold goods in the month of May as the following: May 2. Purchased 30 units at $10 per unit. May 12. Purchased 50 units at $12 per unit. May 15. Sold 40 units at $20 per unit. So, follow the weighted average costing method, the company's gross profit should be ()

A. 400
B. 320
C. 350
D. 380

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Which error can be found through a trial balance ()

A. a correct journal entry is posted twice
B. a correct journal entry is not posted
C. a transaction is not journalized
D. a $100 cash drawing by the owner is debited to Owner's Withdrawals for $1,000 and credited to Cash for $100.

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