True or False
1. The number of capital accounts presented in a SOCE of partnerships is
equal to the number of partners,
2. The Drawings account is used for sole proprietorship, partnership and
corporation
3. The partnership net income is allocated to each partner's capital using the
profit and loss sharing agreement stated in the contract of partnership,
4. Paid-in capital is the amount of contributions given to the corporation in
exchange for the shares of stock.
5. All equity accounts have normal credit balances.
The capital stock account reports the proceeds from the issuance of the
stocks.
6. The SoCE of a corporation presents the reconciliation from the beginning
to the ending balances of all the equity accounts,
7. Dividends distributed by corporation are credited against retained
earnings.​