a$.$ A trial balance proves that the company has recorded all transactions or that the ledger is correct. Do you agree?

Justify your answer.

b$.$ The ledger of Miguel Company contains the following balances: Owner's Capital $$50,000,$ Owner's Drawings

$$8,000,$ Service Revenue $$80,000,$ Salaries and Wages Expenses $$45,000,$ and Maintenance and Repairs Expenses

$$5,000.$ Prepare the closing entries at December $31.$

c$.$ The total assets of Sierra Company are $$600,000$ and its liabilities are equal to two$-$thirds of its total assets. What is

the amount of the company's owner's equity?