State whether each statement is true or false. 1)Current assets are assets that provide a benefit to a company over more than one year. 2)A post-closing trial balance is a list of all accounts and their balances after we have updated account balances for adjusting entries. 3) Long-term assets are assets that provide a benefit to a company for more than one year. 4)Adjusting entries should be prepared after financial statements are prepared. 5)Prepaid expenses involve payment of cash (or an obligation to pay cash) for the purchase of an asset before the expense is incurred