1. the closing entry for revenue is to debit revenue and credit income summary.

True

false

2. If you buy office equipment on credit the accounting entries will be to debit office equipment and to credit accounts payable.

true

false

3. rent expired in April, you should debit rent expense and credit prepaid rent.

true

False

4. Accounts the company has to pay back in more than one year

Current ratio

Clearing account

Long-term liabilities

Closing process