SHORT ANSWER (14 points) 1. Other than Income Summary, list all accounts that get CLOSED at the end of a reporting period? Why are these accounts closed? Explain clearly!!!! 2. Which current asset is an exception to the historical cost rule? Explain why this is the case. Be clear!! 3. What is a PRIOR PERIOD ADJUSTMENT? Give a clear example of one. 5. What does the term OTHER COMPREHENSIVE INCOME (OCI) include? Be clear!! Why did the FASB create this category? Be clear! 6. EXPLAIN the TWO primary accounting reasons we estimate bad debt expense rather than wait until we know who the exact customer is. Be clear!! (2 points)