Regarding the closing process, which of the following is true? Select one: . a. Income Summary is closed after both revenue and expenses are closed. ob. Dividends is closed before Income Summary is closed. O c. Revenue should be closed to the Common Stock account. O d. Unearned Revenues should be closed to the Income Summary account. The accountant of Barnes Architectural Services failed to make an adjusting entry to record $7,000 of depreciation expense. Which of the following statements is true? Select one: O a. The total revenue will be overstated. O b. The total revenue will be understated. . c. The total expenses will be overstated. od. The total expenses will be understated. On November 1 of the current year, Anodel Inc. paid $45,000 for five months' rent of its office space at downtown covering November through next March. By December 31, its fiscal year-end, what adjusting entry is required? Select one: o a. Debit Prepaid rent, credit Rent revenue. O b. Debit Rent expense, credit Rent revenue. c. Debit Prepaid rent, credit Rent expense. O d. Debit Rent expense, credit Prepaid rent