Cash Equity Liability Asset A Moving to the next question prevents changes to this answer. tion 2 The closing entry for expesnes is to debit income summary and credit the True False stion 3 Futul expenses that have already been paid for but have not yet been incurred. accrued expenses prepaid expenses depreciation expense accumulated depreciation LA Moving to the Question 2 Amounts the company has to pay back in more than one year current ratio clearing account long-term liabilities closing process m prevents changes to na L. A Moving to the next question prevents a uestion 3 Insurance Expense Asset Liability Equity