Adjusting entries are prepared yearly. (T/F)

Closing entries are prepared monthly. (T/F)

It is not really necessary to do a post closing trial balance because it's the end of the year. (T/F)

Adjusting entries record transactions. (T/F)

Beginning capital is $10,000. Net loss of $2,000. Withdrew $1,000. Balance of the owner's capital account on the post closing trial balance would be $10,000. (T/F)