In a balance sheet, assets are classified as either current or long term, depending on their liquidity. True False The balance sheet is the first financial statement that is prepared at the end of the period. True O False As a part of the closing process, revenues and expenses may be closed to a temporary account called the Net Income (Loss). True False The financial statement that reports assets, liabilities, and owner's equity as of the last day of the period is called the income statement balance sheet unadjusted trial balance statement of owner's equity The Accounts Receivable account is a permanent account True False Which of the following adjusted balances would appear in the balance sheet credit column of a worksheet? Insurance Expense Rent Revenue Equipment Salaries Payable