TRUE or FALSE

6. The primary purpose of the balance sheet is to report whether or not a profit was made. 7. When the farm business earns a profit, the owner's equity decreases. 8. The balance sheet reports the financial position of the farm business as of a specified date. 9. A contribution by owners to the farm business is recorded in a journal entry by debiting an equity account. 10. Selling an asset involves a journal entry with a credit to an asset account. 11. A journal entry to record receiving cash for the sale of farm products includes a credit the Cash account