The adjusting entry to account for the expiration of prepaid advertising consists of: a. A debit to prepaid advertising and a credit to advertising expense. b. A debit to advertising expense and a credit to Accumulated Depreciation. c. A debit to Prepaid Advertising and a crodit to Accumulated Depreciation. d. A debit to advertising expense and a credit to prepaid advertising. QUESTION 16 Which of the following represents the proper sequence for preparing the financiat statements? a. Balance sheot, statement of owner's equity, income statemont. b. Income statement, balance sheet, statement of owner's equity. c. Income statement, statement of owner's equity, batance sheot. d. Btatement of owner's equity, income statement, balance sheet. QUESTION 17 One purpose of closing entries is to zero out the balances in the: A. Asset and liablily acoounts. b. Revenue and expense accounts c. Labily and capital accounts a. Expense and Capital Accounts