[10 mark] 1.2 Answer true or false to the following statements Answer true or false to the following statements 1.2.1. Liabilities should be equal assets minus owner's equity 1.2.2. Businesses that sell on credit do not make any profit 12.3. Receipts from debtors are recorded in the cash payment journal. 1.2.4. The Trial Balance is the final summary of transactions or balances that a company compiles 1.2.5. OE is the abbreviation used in accounting when referring to owner's Equity.
