Just wanna double check these answers!

Assets, liabilities, and owner's capital are real accounts and do not get closed at the end of the period. True False The income summary account is also known as the clearing account. True False Indicate the answers choice that best completes the statement or answer the question. Adjusting entries are the same as correcting entries needed to bring accounts up to date and match revenue and expense optional under generally accepted accounting principles rarely needed in large companies The balance in the office supplies account on January 1 was $7,000, the supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. The amount to be used for the appropriate adjusting entry is $4, 300 $12,000 $5,000 $8,000 Gracie, Inc. made a prepaid rent payment of $2, 800 on January 1. The company's monthly rent is $700. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is $2, 100 $700 $2, 800 $1, 400 Smokey Company purchases a one-year insurance policy on July 1 for $3, 600. The adjusting entry on December 31 debit Insurance Expense, $1, 800; Prepaid Insurance, $1, 800 debit Insurance Expense, $1, 500; credit Prepaid Insurance, $1, 500 debit Insurance Expense, $2, 100; credit Prepaid Insurance, $2, 100 debit Prepaid Insurance, $1, 800; credit Cash, $1, 800 Prepaid rent, representing rent for the next six months' occupancy, would be reported on the tenant's balance sheet a(n) asset liability capital account contra liability