Closing entries are journalized and posted O before the financial statements are prepared. O at the end of each interim accounting period. O when the business is closing its doors. O after the financial statements are prepared. If a company has received a payment from a customer, then O its cash account will be debited. O its cash account will be credited. O the cash account debits will be less than the cash account credits. O accounts receivable would be debited. The income statement is sometimes referred to as O the statement of owner's equity. O a statement of earnings. the cash flow statement. O the statement of financial position. The accounting equation, for a proprietorship, may be expressed as Assets = Liabilities + Shareholders' Equity. Assets - Liabilities = Partners' Equity. Assets = Liabilities + Owner's Equity. O all of these